RURAL BANKERS Association of the Philippines (RBAP) has partnered with solutions provider TransUnion Philippines for credit information sharing, which is expected to boost financial inclusion among Filipinos and strengthen the banking sector.

A statement released Thursday said the 400 rural bank members of RBAP have agreed to contribute consumer credit reports to help better assess consumers’ creditworthiness.

“By using data-based, analytics-driven solutions, we expect the volume of lending to grow as the decision-making process becomes more fluid. Ultimately, this will have a positive impact on the bottom line of each member rural bank,” former RBAP President Armando B. Bonifacio was quoted as saying.

The data-sharing arrangement will also help banks enhance their offerings while clients will have better access to new loans, it said.

It will likewise help clients to validate applications for new financial products and protect them from fraud.

“Providing rural banks with a more complete picture of a person’s creditworthiness helps open up more financial possibilities, giving consumers access to credit that might have been inaccessible to them before this partnership,” TransUnion Philippines President and CEO Pia Arellano was quoted in the statement.

TransUnion Philippines is a solutions provider working on data-sharing models, providing consumer reports, risk scores, analytical services, and decisioning capabilities to its members.

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