As we prepare to close 2020 and begin to plan for 2021, credit unions are considering strategies and solutions. Each year in November, lenders from credit unions across the country gather at the CUNA Lending Council Conference to discuss trends, network and have some fun. TransUnion proudly supports the CUNA Lending Council as an event sponsor, and it’s personally one of my favorite events of the year. In the current environment, we attended three days of virtual sessions and several themes emerged.
Here are the five trends we identified with important implications for credit unions.
1. Adoption of trended credit scores
At TransUnion, we’ve certainly seen trended credit data emerge as a priority from our partners over the last year. At the conference, we observed a marked uptick in questions about trended scores from many credit unions. The number of credit unions indicating they are using or will use these scores in indirect lending is an important new development. As credit unions face new competition and new challenges as they work to grow lending in 2021, it was clear that credit unions are using trended credit data rather than traditional, point-in-time credit scores to meet their needs.