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Blockchain solution Bloom partners with TransUnion to offer credit monitoring services in the US

Image by CafeCredit.com from Flickr

Fri, 17 Apr 2020, 01:40 am UTC

Blockchain solution Bloom is partnering with American consumer credit reporting agency TransUnion to offer credit monitoring services in the country.

Data breach and identity theft have become among the biggest downsides of online business. Blockchain startup Bloom wants to give consumers the power to have control over their data and identity using its mobile app Bloom that allows consumers to build a blockchain-based identity profile for improved consumer data security, Forbes reported.

For its second version, Bloom worked with TransUnion to give users access to “robust credit monitoring” which features free credit score checks. TransUnion is one of the three largest bureaus in the U.S. along with Experian and Equifax.

“A critical part of TransUnion’s mission is to empower consumers to better understand and manage their data and shape their financial lives,” said Dao Boyle, senior vice president of Business Development at TransUnion Consumer Interactive about the partnership. “This partnership supports that mission, and we look forward to continuing working with Bloom to deliver innovative and impactful solutions to consumers.”

Bloom 2 works with the use of an identity monitoring tool that scans the internet including the dark web to see the users’ data. It will notify the users if their information has been leaked and provide them with steps to fix it.

“How our system works is that we allow the user to verify certain elements about their identities — their names, phone number, social handles and so on — and on an ongoing basis, we continuously scan for any leaks of their data,” said Bloom cofounder Jesse Leimgruber. “We connect with various sources to see maybe some information like your hotel check-in data was leaked in the Marriott breach or your financial data was leaked in the Equifax breach.”

The free credit monitoring in Bloom 2 is only available in the U.S. Users can opt-in Bloom credit monitoring and check their traditional credit bureau data including credit scores, current loans, credit cards, and monthly payment.

Meanwhile, in 2018, BMW Group Financial Services also partnered with Bloom to enhance its customer lending solutions. The project was part of BMW Collaboration Lab 2018 and aimed to streamline the customer journey and lending experience.

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