TransUnion launches new scoring capabilities to combat fraud

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TransUnion launched Credit Washing and Synthetic Fraud Scores to help institutions identify credit washing and synthetic identity fraud. The company said the two scores are among the first of their kind on the market that can be used for adverse action, allowing lenders to make credit decisions and provide applicable adverse action reason codes to those denied. TransUnion research shows that, as of June this year, synthetic identity fraud exposed lenders to a total risk of $2.4 billion.