TransUnion and Spring Labs partnered to launch combined digital passports for cryptocurrency lending and borrowing.
Creditworthiness checks may soon be a thing in the crypto lending arena following plans by TransUnion and Spring Labs to introduce credit scores as part of the latter’s Digital Passport for obtaining digital asset loans.that TransUnion, a major consumer credit reporting firm in the U.S., announced a partnership with security company Spring Labs to bring access to personal credit score reports into the crypto lending market.
The digital passport gives users know-your-customer and anti-money-laundering identity verification badges while protecting personal data from public access. Users will also be able to attach their credit score reports to their digital wallets before the end of 2022. Speaking on the announcement, President of U.S. Markets and Consumer Interactive at TransUnion Steve Chaouki explained that the firm recognizes the growth potential of the DeFi space. As such, it sees this as the perfect opportunity to provide users with the tools needed to safely interact with a broader set of financial products.
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