Transunion Goes Down. Fintechs Irked

Transunion (NYSE:TRU), a financial services data platform and credit report provider, struggled with an outage today. At the time of this writing, Transunion’s website would not load and company representatives were not responding to an inquiry regarding the outage.

Transunion is perhaps best known for its consumer credit reports – a frequent target of consumer ire as the scoring process can dramatically impact available interest rates or the ability to access credit. But another customer segment has been impacted by the outage – Fintech’s that tap into the Transunion API.

A Fintech insider shared the following statement with Crowdfund Insider regarding frustration pertaining to the outage and lack of communication from the publicly listed firm:

“TransUnion today experienced total outages from their corporate website to their credit services. Connectivities between TransUnion to Fintechs and Banks started to go down around 2 PM PST. The ability to pull credit from TransUnion has essentially stopped preventing lenders to perform routine underwriting processes. Outages such do happen once in a while but to have a complete outage including TransUinon’s corporate website is a rare occurrence. At this time, we couldn’t confirm whether this is a deliberate denial of service attack or internal issues.  Banks and Fintechs are scrambling to find an alternative. If you don’t have a secondary bureau as a backup, maybe it’s time to consider it.”

While there is currently no indication of any attack, recently the New Zealand Stock Exchange was shut down due to a DDOS attack that crippled the exchange for several days.

Developing…

Update: Transunion appears to be back online as of 725PM ET. Still, no comment from the company as to cause of outage.

 

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