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Transunion partners with Fincheck
Hans Zachar, director of emerging markets at TransUnion Africa provides insight into the aims of the new partnership with Fincheck.
“The TransUnion/Fincheck partnership will assist consumers in managing their finances, especially during these challenging times. By working with Fincheck we’re helping to increase financial awareness and access to credit.”
The partnership will enhance Fincheck’s offering, allowing users to find the right lead to a bank, lender, or insurer, minimising time-consumption for locals.
Founded in 2015, Fincheck is a financial marketplace that allows users to search for the best-suited bank, lender, or insurer via its seamless service. The fintech startup compares offers from over 80 of South Africa’s major banks, lenders, and insurers.
The easy to access comparison report allows users to choose the most suitable and competitive form of finance for their needs.
The partnership between the two companies will allow users to access a free TransUnion credit report via Fincheck. This will assist users in understanding their current financial position, further assisting in them making responsible financial decisions.
The generated report is easy to understand for the laymen and reportedly indicates clear action steps on how to improve their credit score and financial health.
According to the graph below, there was an increased demand for credit reports in 2020. The impacts of Covid-19 have caused many locals to review their credit score and financial position, taking into account spending habits and a decrease in financial income.
Michael Bowren, CEO of Fincheck comments on the importance of affordable credit reports for locals.
“Being able to access affordable credit and valuable information in the same place will help South African consumers during these challenging times. Checking the information held on you is accurate before making an application can be an invaluable tool that can help you understand your financial options more clearly. Ultimately, we aim to assist the user with their financial choices and move them toward financial freedom.”
Featured image: Michael Bowren, CEO of Fincheck (Supplied)