Global insights and information company TransUnion has partnered with credit platform Monevo and fintech incuto to offer increased access to credit to consumers in the UK. This joint initiative helps credit unions and community development finance institutions to offer their products to a wider audience via comparison websites, increasing competitiveness in the credit space and promoting financial inclusion.

It also aligns with consumer preferences, as the majority (58%) of UK consumers who check their eligibility for finance before applying for credit products rely on price comparison platforms as their main go-to source for credit options, as per the press release. Increased availability of credit products Officials from TransUnion said that in line with their mission of using information for good, their work with Monevo and incuto marks an important step forward for the industry, driving broader access to credit for UK consumers. They’re happy to support credit unions and community development finance institutions in harnessing data and insights to enhance consumers’ financial wellbeing and foster a more inclusive financial landscape.

Importantly for incuto and its customers, the Monevo technology allows product updates to be implemented within seconds, meaning the offers shown to consumers are real rates which they are eligible for. Representatives from Monevo stated that the three partners share the same mission of good customer outcomes. This collaboration ensures credit unions and community bank offerings are available to consumers on credit comparison websites.

The Monevo technology bridges the gap between these institutions and consumers seeking affordable credit solutions, ultimately driving financial inclusion. This partnership brings together the unique capabilities of each partner: TransUnion provides comprehensive credit data, incuto enables community lenders to reach more potential customers, while Monevo helps them to host, manage, and distribute their credit offers. incuto’s executives explained that they’re committed to providing community lenders with all the necessary tools and technology to thrive in a competitive financial landscape, connecting more people with affordable finance products.

They think it's crucial that credit unions are presented on credit comparison websites sites, allowing consumers to have better choices when looking for a suitable credit product. .