TransUnion Philippines is a comprehensive credit bureau and information solutions provider that now features more than 20.7 million account records in its database as of April 2019. This is a 570 percent increase from the baseline data of almost 3.1 million total account records in 2012.
The number of Philippine consumers who can easily access mainstream credit has grown, thanks to a continued increase in the number of businesses contributing information to their credit report. Of the total number of account records, approximately 13.7 million are open trade lines (e.g., open mortgages, credit cards, loans, bank overdrafts, as well as other credit agreements) from a total of 8.8 million unique consumers.
Over 40 organizations, such as banks and other financial institutions, contribute information and are currently active in the TransUnion Philippines ecosystem. About 20 more are onboarding soon, particularly from the rural banking sector. In addition to the largest commercial banks and credit card issuers, telecommunications companies and fintechs are increasingly contributing data for the benefit of consumers.
TransUnion provides substantial coverage, scope, and accessibility of credit information. Its consumer credit reports include important data such as repayments and any delinquencies. This allows member organizations to see a more accurate representation of the current financial standing of the consumer, so they can properly manage risk when providing credit and advance them the most appropriate product.
TransUnion works on a data-sharing model where members contribute updated information across their customer database, including payment history, in return for access to the data of other members. This helps members gain a more complete understanding of a consumer’s credit history.
Aside from its extensive database, TransUnion also supports clients with analytics, integrated solutions, insights, and other information so businesses can manage risks while consumers can manage their credit. It is backed by sophisticated technology to help ensure data security and compliance with data privacy laws.
Source: Sun Star