Credit Bureau Information Benefiting Both Individuals and Lending Community
PORT OF SPAIN, Trinidad--(BUSINESS WIRE)--June 26, 2006--TransUnion today added five new subscribers to its growing credit reporting network in Trinidad and Tobago. The new subscribers, Digicel, Intercommercial Bank Ltd, Sagicor, Western United Credit Union and Venture Credit Union Cooperative Society Ltd, will begin reporting payment and other types of information about their customers beginning later this year.
"TransUnion is providing an infrastructure that empowers individuals in Trinidad and Tobago to finance their dreams through credit," said TransUnion's Ramesh Lutchman, general manager, Trinidad and Tobago. "We are committed to growing our network in these markets by partnering with financial institutions of all sizes to make our database as vast and robust as possible. We have already come a long way in a short amount of time."
TransUnion operates the first fully automated credit bureau in Trinidad and Tobago. Currently, the top banks in these markets report consumer payment information to the company, which amounts to credit data on more than 60 percent of the borrowing public. As more financial institutions join TransUnion's network of subscribers, industry leaders are expecting middle-sized and community lenders to follow suit.
"We believe in a fully functional, automated credit system for Trinidad and Tobago," said Patrick Tam, general manager of Venture Credit Union Cooperative Society Ltd. "The ability to make more informed lending decisions based on an individual's creditworthiness is powerful. Not only does it help the lending community to make more informed decisions, but it enables individuals to obtain more credit at the best interest rates possible."
TransUnion opened its operations in Trinidad and Tobago in July 2004 and currently offers direct to consumer products and services and risk management solutions to businesses. The island nation represents one of 15 countries TransUnion operates in throughout the Americas, and is among the more than 30 countries in which the company has operations worldwide.
TransUnion is a leading global information solutions company that customers trust as a business intelligence partner and commerce facilitator. TransUnion offers a broad range of financial services that enable customers to manage risk and capitalize on market opportunities. The company uses advanced technology coupled with extensive analytical capabilities to combat fraud and facilitate credit transactions between businesses and consumers across multiple markets. Founded in 1968, Chicago-based TransUnion employs 4,100 associates that support clients in more than 30 countries. Visit us at TransUnion.com.
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