TransUnion has announced that it will offer a one-time free full customer base portfolio health check. This will be available to all regulated financial institutions in the country.
The information solutions provider said this will help lenders better understand consumer risk levels. Moreover, it will provide valuable insights to facilitate the provision of much-needed funds where needed.
Responding to the crisis
“We at TransUnion are uniquely equipped to help not just our customers but the wider industry and the Philippine economy as a whole. Despite the unprecedented situation the global economy is now in, businesses cannot afford to be hasty, especially when we have data to help guide their decision-making processes,” TransUnion Philippines President and CEO Pia Arellano said in a press statement.
The free portfolio health check will enable lenders to get a comprehensive view of their borrowers’ credit relationships. They will also benefit from portfolio risk management tools, such as credit scores and credit attributes.
TransUnion is also opening up its portfolio health check service to non-members. It has already reached out to key financial industry stakeholders, such as FinTechAlliance.ph.
“We believe in building and expanding a sustainable digital finance ecosystem that benefits every Filipino. For that, we cannot waver from our duties no matter the situation,” FinTechAlliance.ph Chairman Lito Villanueva said in a press statement.
Helping small businesses
Micro, small, and medium enterprises (MSMEs) are the backbone of the economy. Unfortunately, they are among the most affected by the COVID-19 crisis.
Along with daily wage earners, MSMEs will benefit most from the loans and other forms of financial assistance.
“While we have measures in place like grace periods for rent payments and other programs that provide funds for concessional lending to MSMEs, the portfolio health check empowers banks and lenders to act confidently knowing they are managing risks while continuing to extend support to consumers and MSMEs,” Trade and Industry Secretary Ramon M. Lopez said in a press statement.
“We need our financial institutions to continue extending loans with favorable terms to help our MSMEs recover so that they can revive their businesses and get back on a growth track,” he said.
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