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.
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:
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:
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:
Several industries can use the TransUnion Income Estimator, such as:
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:
The TransUnion Income Estimator benefits lenders and creditors through the following:
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 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:
