TransUnion Philippines and the Credit Information Corporation (CIC) signed an agreement May 5, 2016 officially appointing TransUnion as the first private credit bureau to be a Special Accessing Entity (SAE). The event was held at the New World Hotel Makati and was witnessed by delegates from the International Finance Organization.
As an SAE, TransUnion will further expand its operation within the country by gaining access to the government’s wide range of data comprised of credit information from banks and non-financial institutions. This will allow TransUnion to analyze more data from various industries that were previously inaccessible. Subsequently, TransUnion will be able to help more consumers make better-informed credit decisions.
The partnership also bolsters TransUnion’s financial inclusion initiative to help open up credit availability to low-income and unbanked segments in the market, new-to-credit individuals and SME’s.
TransUnion is committed to promoting financial inclusion throughout the country via its Information for Good campaign. In collaboration with its members, non-profit organizations and private corporations, TransUnion offers a financial literacy training program aimed at educating consumers. It teaches them how to manage their personal information, and shows them the importance and value of having good credit standing in order to achieve brighter futures.
As TransUnion’s Global President, Jim Peck, said, “Leveraging this new data, we are able to use our expertise to develop robust new-to-credit data models, providing the necessary information for local banks to confidently make loans to new customers who were previously without access to traditional banking products and means of obtaining credit. Further, with our shared belief in educating lenders and encouraging everyone to report their data to help consumers build credit histories, we will also partner with the government to demonstrate the value of data, opening up a dialogue about the products, services and solutions that TransUnion can provide to help support a thriving economy.”
TransUnion will now be able to access deeper levels of data in the Philippines, helping to produce stronger communities, due to the new government partnership.