TransUnion Rolls out Transformational New Analytics Solution Prama

TransUnion has rolled out an innovative suite of solutions called Prama that seeks to change how businesses explore data and act on insights.

Prama harnesses vast underlying data assets and uses advanced analytics to help customers make better decisions and act on them more effectively.

Two Prama flagship solutions will be launched this year: Prama Insights and Prama Studio.

Prama Insights comprises anonymous information on nearly all credit active consumers in the US. By tapping into the power of CreditVision and a seven-year historical view of data, this data set offers dynamic insights that lenders can translate into consumer benefits.

The first two modules under this solution are Vintage Analysis and Market Insights.

The Vintage Analysis module leverages a detailed anonymized tradeline history of over 200 million consumers, giving users access to seven-year performance data.

This allows customers to monitor underwriting policy, forecast losses, calculate loan profitability and define marketing strategy.

The Market Insights module, on the other hand, offers quarterly views of key lending metrics at a state, regional and national level, allowing users to access relevant benchmark trends in a matter of seconds.

Meanwhile, Prama Studio will enable users to upload their own data, do detailed analyses and test strategy changes across various dimensions.

The second phase of Prama will empower customers to easily execute new strategies or change existing strategies automatically to minimize manual intervention.

The first modules of Prama Studio will be available by the middle of the year.

Jim Peck, president and chief executive officer of TransUnion, commented, “We live in a time where volumes of data are being created at an unprecedented pace. The challenge for companies is connecting this information and analyzing it to manage their businesses more effectively. A wealth of credit data are included in Prama today, and many other global data assets will be added over time. Prama gives our customers the ability to see for themselves how their decisions compare to the marketplace, and how changes to strategy might ultimately impact revenue.”