TransUnion Philippines recently signed a data sharing agreement with the Department of Trade and Industry (DTI), which involves the provision of publicly available data of business enterprises to the country’s largest credit bureau.
The agreement will allow TransUnion to develop a “firm bureau database” to expand distribution of its credit information to not only individuals but to firms as well, a criterion of the World Bank Doing Business (DB) Report.
“This partnership signals greater collaboration between the government and the private sector in using data analytics to help us in policy making and program development,” DTI Secretary Ramon Lopez said.
“This initiative is hitting two birds with one stone. By working closely through information-sharing with TransUnion, we are confident that we will secure additional points under the Getting Credit Indicator. More importantly, the publicly available data we provide will be processed together with their rich database to be used in determining borrowers’ credit worthiness. In the end, this will contribute to increasing the banks’ efficiency in processing loan applications.”
TransUnion is an information solutions big data company that provides analytics, integrated solutions, insights, and other invaluable information that facilitate objective, fast, and reliable credit decisioning for lenders. It is a staunch advocate of using “Information for Good.” For more information or to learn how to benefit from TransUnion’s solutions, get in touch through the website https://www.transunion.ph.