TransUnion guides credit data checks to blockchain firms for lower borrowing costs: WSJ

Credit reporter TransUnion (NYSE:TRU) will allow users to give cryptocurrency lenders access to their personal credit data through security firm Spring Labs' ky0x Digital Passport, the companies told the Wall Street Journal. As a result, users can incur lower borrowing costs from financial service firms that operate on blockchains like ethereum (ETH-USD), the companies told the WSJ. No personal data are made public, just evidence of the completed process, the companies highlight. Expects consumers' credit data to be available on the Digital Passport by the end of 2022. By providing credit and identity data on the blockchain, more companies will be able to access and develop decentralized finance and crypto applications while remaining compliant with regulations, TransUnion President of U.S. Markets and Consumer Interactive, Steve Chaouki told the WSJ. "You begin to open the tap for capital coming in, and that increases the competition," he adds. Of course, TransUnion (TRU) joins