TransUnion announced that it is now the majority owner of Credit Information Bureau (India) Limited (CIBIL). TransUnion has been accumulating additional holdings in CIBIL in recent years, and the announcement comes after the company received regulatory approval to achieve majority ownership in the organization. TransUnion has been active in the Indian marketplace since 2001 as CIBIL’s technology, analytics and decisioning partner as well as a shareholder in the organization.
“TransUnion and CIBIL both have a long history of leveraging the power of information and technology to benefit both consumers and businesses in India,” says Jim Peck, CEO of TransUnion. “Over the past 13 years, TransUnion has established a leading analytics and decisioning business in India, one of our fastest growing and most dynamic markets. Now, with a majority stake in India’s leading credit information company, we can further build on our foundation in the country and better position the market for continued success.”
This majority ownership reflects TransUnion’s commitment to expanding its global footprint, and continuing to deliver analytic and decisioning centers of excellence in India and in countries like Canada, Hong Kong, South Africa and Brazil. As a core area of focus and growth, TransUnion, in recent years, has established a presence in a total of 9 new countries, providing global leadership with a local presence to emerging markets.
TransUnion has worked with CIBIL on their business, product, sales and operations strategy since 2001, helping to launch the market’s first generic scoring model and establishing an industry-leading fraud database. By using the CIBIL TransUnion Score, financial institutions in India are able to make faster, better predictions while reducing the inefficiencies associated with manual subjectivity, errors and limited information. This has led to greater access to credit for the Indian consumer, while allowing financial institutions to better manage risk.
CIBIL and TransUnion bring together data, technology and an in-depth understanding of challenges to create advantages for businesses, consumers and the economy overall. This powerful combination of information and insight helps businesses make better decisions, improve efficiency and identify opportunities at every stage of the customer lifecycle from acquiring customers to strengthening and expanding relationships with them.
CIBIL is India’s leading credit information bureau. It creates immense value for financial institutions by providing objective data and tools to help them manage risk, and devise appropriate lending strategies thus reducing cost and maximizing portfolio profitability. CIBIL benefits both credit grantors and consumers by collecting, analyzing, and delivering information on credit histories of millions of borrowers. It provides its members with information on both consumer and commercial borrowers, thus enabling them make sound credit decisions across both individuals and businesses. www.cibil.com
Source: TransUnion Press Release