TransUnion posts surge in records

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TRANSUNION PHILIPPINES saw robust growth in its account records here, as it targets to partner with more organizations in the near term.

The credit bureau and information solutions provider said in a statement on Thursday that it already has 20.7 million account records in its database as of April, up 570% from the baseline data of 3.1 million records in 2012.

Of the total, approximately 13.7 million are open trade lines such as open mortgages, credit cards, and loans from a total of 8.8 million unique customers.

“The market is maturing at an incredible rate and is providing more and more benefit to Filipinos,” TransUnion Philippines President and Chief Executive Officer Pia Arellano was quoted as saying in a statement.

Modern credit bureaus feature information about how people are maintaining loan payments, which in turn can provide them with access to more financial products at potentially more competitive rates.

The credit bureau expects to see an increase in reporting of 2-3 million more trade lines by the end of the year based on the current trends, it said. It has over 40 organizations such as banks and other financial institutions that contribute information.

TransUnion added that 20 more firms are onboarding soon, particularly from the rural banking sector.

“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,” Ms. Arellano said.

The credit bureau added that they are also encouraging utility firms, cooperatives, and insurance companies to partner with them.

TransUnion is one of the special accessing entities that can retrieve data from state-led Credit Information Corp. (CIC), the country’s centralized public credit registry, apart from CIBI Information, Inc., Compuscan and CRIF S.p.A.

In a text message, CIC Senior Vice President Aileen L. Amor-Bautista said the credit registry currently has records of around sevem million people, coming from 5.3 million files with complete information last year. — Karl Angelo N. Vidal