TransUnion’s Efforts to Improve Financial Literacy among Canadians Featured in CBC’s “Dragons’ Den” Episode
In the lead up to Financial Literacy Month, TransUnion demonstrated its commitment to bolstering financial education in a recent episode of CBC’s “Dragons’ Den” television program.
TransUnion was included in the program because of work it is conducting with Enriched Academy, a company geared towards increasing financial education and awareness for people of all ages. Enriched Academy was featured on the popular CBC program in 2013 and received funding through the program to build upon its efforts to improve Canadians’ financial education.
“We are proud of the role we played on Dragons’ Den because we feel strongly that a populace well-educated about financial literacy issues is beneficial to everybody,” said Todd Skinner, president of TransUnion Canada. “Our work with Enriched Academy is important and fits well with one of our company’s objectives to ensure more Canadians have a better grasp of their finances. As millions of Dragons’ Den viewers witnessed a few short years ago, Enriched Academy had a vision that has resonated extremely well with Canadians. Their enthusiasm for financial literacy and the program they devised were two of the reasons we wanted to work with them.”
In addition to its work with Enriched Academy, TransUnion has recently developed new solutions that could positively impact consumers across Canada. In fact, a recent analysis found that approximately 400,000 more Canadians would be classified into the highest-rated consumer credit risk group, when evaluated using TransUnion’s CreditVision® risk score.
Compared to the use of a traditional risk score, CreditVision enables more accurate assessment of consumer credit worthiness, increasing the number of consumers in the SuperPrime risk category by well over 9%. The analysis also found that approximately 10% more Canadian consumers will receive a credit score via CreditVision as compared to a traditional scoring model. These consumers were previously unscorable and therefore did not have easy access to credit.
“The majority of lenders rely heavily on credit risk scoring to determine the best products and pricing for applicants, and TransUnion is leading the charge in making sure consumers get the credit they earned,” said Skinner. “Providing credit risk scores that give a fuller picture of the consumer will help many Canadians, but we believe a more financial literate population is also necessary. This combination should ensure consumers are in a better position to receive offers for lower interest rates – reducing payments on credit cards, mortgages, insurances policies and auto loans.”
Consumers interested in learning more about the importance of credit reports, and any other TransUnion solutions can visit www.transunion.ca.