TransUnion Philippines Increases Number of Account Records to 20.7M (Press Info)

The number of Philippine consumers that can more easily access mainstream credit has grown, thanks to a continued increase in the number of businesses contributing information to their credit report.

TransUnion is a comprehensive credit bureau and information solutions provider in the Philippines, which now features more than 20.7 million account records in its database as of April 2019. This is a remarkable 570 percent increase from the baseline data of almost 3.1 million total account records in 2012.

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.

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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.

“The market is maturing at an incredible rate and is providing more and more benefit to Filipinos. Modern credit bureaus feature positive information about how people are maintaining loan payments, which in turn can provide them with access to further financial products at potentially more competitive rates,” said TransUnion Philippines President and CEO Pia Arellano. “Many Filipinos still don’t have a credit report, or have an incomplete credit report, and often find it difficult to open mainstream financial products. The increase in members contributing information to our database means we are able to help address this and increase financial inclusion.”

Confidence in the quality of data is also important. TransUnion does stringent checks during member onboarding in order to protect consumers and help ensure the information held is a true reflection of their credit history.

“The availability of accurate credit information is an important catalyst to an efficient credit ecosystem which can help fuel and support further economic growth. It’s ultimately about openness and collaboration. We’ve been working closely with our members for seven years now and businesses and consumers are seeing the benefits this brings,” Arellano said.

Based on current trends, TransUnion expects to see an increase in reporting of two to three million more trade lines by the end of 2019. The recent signing of rural banks will greatly contribute to achieving this target, and TransUnion is also encouraging utility companies, cooperatives, and the insurance industry to become new partners.

“Our data expansion efforts are well underway. We’ve been in talks with various industries, educating them about our solutions and the benefits it can bring for them and the consumers they serve. TransUnion believes in using information for good. We’re working hard to grow the credit ecosystem further, so that both businesses and consumers can harness its power,” Arellano said.

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. Apart 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. For more information about TransUnion Philippines, visit the website https://www.transunion.ph

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About TransUnion (NYSE:TRU)
TransUnion is an information solutions provider dedicated to finding innovative ways information can be used to help individuals and businesses make better and smarter decisions. It helps uncover unique stories, trends, and insights, using historical information as well as alternative data sources. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America, and Asia.

TransUnion is a private comprehensive credit bureau in the Philippines. It helps consolidate the credit information ecosystem and manage the collection and sharing of both positive and negative credit data. TransUnion also provides value-added services that assist clients with acquisition, portfolio review and management, and collections, among others.

We call this Information for Goodhttps://www.transunion.ph

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