FOLLOWING the government’s response to the COVID-19 pandemic, including cutting benchmark interest rates and the reserve requirement ratio for banks to cushion the impact on the economy, information solutions provider TransUnion is offering a one-time free full customer base portfolio health check to all regulated financial institutions in the country.
This will help lenders better understand consumer risk levels and provide valuable insights that will help them better facilitate the provision of much-needed funds when and where appropriate and to strategize to address current and imminent challenges.
Inasmuch as doctors diagnose patients before prescribing medicine or treatment, TransUnion’s portfolio health check service provides various lenders with a comprehensive view of their borrowers’ credit relationships across multiple lenders, together with portfolio risk management tools such as credit scores and credit attributes that reliably identifies and segments the high risk versus the medium and low risk customers in the portfolio.
In support of the government’s planned program of interventions, TransUnion is opening up its portfolio health check service to non-members and has already reached out to key financial industry stakeholderslike FintechAlliance.ph.
TransUnion’s credit profiling will give lenders a clearer line of sight on their customers and help them approach any government directive with confidence.
Given the mandatory grace period and non-imposition of interest on interest, fees, and other charges for all loans with dues falling within the ECQ period as stipulated in the Bayanihan to Heal as One Act (R.A. 11469), TransUnion Philippines has proactively reviewed its data reporting policies and issued guidelines to arrive at the most optimal data contribution structure to prevent the impact to affected consumers while also maintaining the accuracy and integrity of the bureau databases so lending activities can continue.
