Blockchain Startup Bloom Partners With TransUnion To Offer Credit Monitoring

Data breach events and identity theft are among the biggest downsides to doing business online. Every year, hundreds of millions of records are leaked in different security breach events. Last year, a single data leakage at Facebook left over 419 million records publicly accessible.

Blockchain startup Bloom wants to change that by giving consumers power over their identity and data. The Bloom mobile application, which allows consumers create and build a blockchain-based identity profile, is part of how the startup wants to improve consumer data security.

The company has now announced the launch of a second major version of the Bloom mobile app. With the new version, users now have access to what the company calls a “robust credit monitoring” feature including free credit score checks, which is possible thanks to a new partnership with American credit reporting agency TransUnion.

TransUnion is one of the three largest credit bureaus in the United States, along with Experian and Equifax.

Speaking about the partnership, Dao Boyle, senior vice president of Business Development at TransUnion Consumer Interactive
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, said the credit bureau is excited to work with Bloom as it seeks to help consumers better manage their data.

“A critical part of TransUnion’s mission is to empower consumers to better understand and manage their data and shape their financial lives,” Boyle said in a press release. “This partnership supports that mission, and we look forward to continuing working with Bloom to deliver innovative and impactful solutions to consumers.”

While Bloom brands itself as a decentralized, blockchain-based identity and credit-scoring solution, the company said it is not putting credit data onto the blockchain network at present.