TransUnion to Allow Crypto Lenders to Check Credit Reports

TransUnion to Allow Crypto Lenders to Check Credit Reports
Consumer credit reporting company TransUnion will enable consumers to give crypto lenders access to their personal credit data in a move that could greatly expand the possibilities of lending in the digital asset market.TransUnion is offering this facility through security firm Spring Labs’ ky0x digital passport, Spring Labs announced Wednesday. The credit data will be available on public blockchain networks via the passport.Cryptocurrency investors could now receive better interest rates when borrowing money thanks to lenders being able to judge their risk profile based on credit data.Furthermore, lenders could now issue loans without requiring any collateral at all depending on…