Credit bureau hikes database to 21 million accounts

MANILA, Philippines — Comprehensive credit bureau and information solutions provider TransUnion has increased the coverage of the country’s credit database by nearly seven-fold over a seven-year period.

TransUnion said it now covers more than 20.7 million account records as of end-April, 570 percent higher than the 3.1 million total account records covered in 2012.

Of the total number of account records, about 13.7 million are open trade lines such as open mortgages, credit cards, loans, bank overdrafts as well as other credit agreements from a total of 8.8 million unique consumers.

This means that the number of Filipino consumers that can more easily access mainstream credit has grown amid the continued increase in the number of businesses contributing information to their credit report.

TransUnion Philippines president and chief executive officer Pia Arellano said 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 more financial products at potentially more competitive rates,” she said.

Over 40 organizations including banks and other financial institutions contribute information and are currently active in the TransUnion Philippines ecosystem.

About 20 more are on board soon, particularly from the rural banking sector. In addition to the largest commercial banks and credit card issuers, telecom providers 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.

 “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,” Arellano said.

 She said TransUnion conducts 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.