TransUnion Income Estimator Software

The TransUnion Income Estimator is a TransUnion solution that enables businesses to confidently identify, target, and connect with the right customers. Customers’ net incomes are estimated accurately using the TransUnion Income Estimator. The TransUnion Income Estimator assists in predicting possible outcomes and supporting responsible lending using simple and effective credit assessments.

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TransUnion Income Estimator

TransUnion Income Estimator Process

The TransUnion Income Estimator Model is an enhanced solution that uses individual-level credit data. The individual-level credit data is utilized for estimating income, providing predictive data as compared to the census or survey information of customers. Customers’ and prospects’ complete picture can be predicted accurately by businesses. Businesses, in effect, can strengthen their strategies using the TransUnion Income Estimator.

The TransUnion Income Estimator uses TransUnion CreditVision data and analytics. The TransUnion CreditVision data and analytics feature monthly spend data and up to 30 months of extended account history. The extended account history allows businesses to estimate income accurately with the help of the TransUnion Income Estimator.

The TransUnion Income Estimator also estimates the Adjusted Gross Income. The Adjusted Gross Income is reported on Form 1040 U.S. Income Tax Return. The Form 1040 U.S. Income Tax Return is filed jointly or separately by customers. Customers’ total income can be accurately viewed using the TransUnion Income Estimator.

The TransUnion Income Estimator model design uses a segmentation scheme that consists of five scorecards based on the following:

  • Credit lines
  • Length of experience
  • Historical credit card balances
  • Recent credit card revolving behavior
  • Recent credit card transacting behavior

The TransUnion Income Estimator's score ranges from 0-999, which means that a higher score is equivalent to a higher income for an individual. An individual's income is estimated based on credit history by the TransUnion Income Estimator. The TransUnion Income Estimator sets scoring criteria that include the following:

  • At least one account or tradeline
  • At least one account or tradeline that is verified in the last 12 months
  • At least one account or tradeline with a credit limit greater than $0
  • No deceased indicator

TransUnion Income Estimator Provides Household Income Data

Yes, TransUnion Income Estimator does provide household income data. Household income data can be derived from individual income data. Individual income data from individual or joint filings through the Form 1040 U.S. Individual Income Tax Return are used by the TransUnion Income Estimator.

The TransUnion Income Estimator also captures multiple income sources, such as:

  • Investment Income
  • Alimony
  • Business income
  • IRA distributions
  • Pensions and annuities
  • Real estate income
  • Unemployment compensation
  • Social Security benefits

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TransUnion Income Estimator Users

Several industries can use the TransUnion Income Estimator, such as:

  • Auto Lending
  • Debt Collection
  • Credit Unions
  • Fintech
  • Healthcare
  • Media
  • Landlord & Property Management Solutions
  • Public sector
  • Retail and eCommerce
  • Capital Markets
  • Communications
  • Financial Institutions
  • Gaming
  • Insurance Risk Solutions
  • Mortgage
  • Short-term Lending

Lenders and creditors can use the TransUnion Income Estimator to match product offers with more qualified prospects, retain customers on more profitable terms, and collect more effectively:

  • Account Acquisition
    • Pre-screen target marketing
    • Cross-sell existing accounts
    • Segment product offers
  • Account Management
    • Oversee credit line increases
    • Pinpoint changes and trends to adjust policies as necessary
  • Collections
    • Prioritize accounts
    • Streamline treatment strategies
  • The TransUnion Income Estimator benefits lenders and creditors through the following:

    • Saving costs and speeding up decision-making through a replacement of burdensome proof of income processes with real-time income prediction
    • Enhancing cross-sell strategies by identifying changes in a consumer’s income
    • Detecting fraud instantly during account acquisition and throughout the entire credit lifecycle by identifying under or overstatements of income
    • Improving customer experience by allowing a paperless and more seamless onboarding

    TransUnion Income Estimator For Underwriters

    TransUnion Income Estimator is a great option for underwriters. Underwriters can better predict a customer’s monthly income and make smarter credit decisions with the TransUnion Income Estimator. The TransUnion Income Estimator helps underwriters in the following ways:

    • The TransUnion Income Estimator uses CreditVision data and analytics in order to provide a better understanding of a customer’s future behavior. Understanding a customer’s future behavior allows businesses to predict possible outcomes by simple and effective credit assessments.
    • The TransUnion Income Estimator, through its predictive insights, enables businesses to match product offers with more qualified prospects, retain customers on more profitable terms and collect more effectively.
    • The TransUnion Income Estimator provides a reliable assessment of a customer’s monthly income. A reliable assessment of a customer’s monthly income is achieved by removing estimations, such as tax brackets, medical aid, and pension fund deductions.
    • The TransUnion Income Estimator predicts based on a specific confidence level. The specific confidence level shows the percentage of certainty that the predicted income is within 30% of a particular salary band.

    TransUnion Debt To Income Estimator

    The TransUnion Debt-to-Income Estimator is a solution that was developed to help businesses quickly and accurately understand the debt service burden of a customer. A customer’s debt-to-income ratio can help improve campaign targeting, increase underwriting speed, help manage line and privilege assignments on existing accounts, and assist in prioritizing collections efforts using the TransUnion Debt-to-Income Estimator.

    The TransUnion Debt-to-Income Estimator collects current debt on the credit file. The current debt on the credit file is then compared to the monthly estimated income to generate a debt-to-income ratio using the TransUnion Debt-to-Income estimator.

    The TransUnion Debt-to-Income Estimator Model uses the TransUnion Income Estimator results in computing the monthly income and the total monthly minimum debt payments. The total monthly minimum debt payments include mortgage, installment, revolving accounts, and authorized user debt.

    The TransUnion Debt-to-Income Estimator’s score ranges from 0-999, which means that a higher score is equivalent to a higher debt-to-income ratio for an individual. An individual's debt-to-income ratio is estimated based on credit history by the TransUnion Debt-to-Income Estimator Model. The TransUnion Debt-to-Income Estimator Model sets scoring criteria that include the following:

    • At least one account or tradeline
    • At least one account or tradeline verified in the last 12 months
    • At least one account with a credit limit greater than $0
    • At least one account has been opened and updated in the last six months
    • No deceased indicator

    For more information on TransUnion Income Estimator contact iSoftpull today.