Millennium Post

CIBIL, TransUnion launch service to help credit institutions

Credit Information Bureau India Limited (CIBIL) and TransUnion announced on Thursday the launch of ‘CIBIL TransUnion Score 2.0’ to enable credit institutions to predict risks more powerfully and make confident lending decisions while also helping improve quality and credit penetration in the evolving market.

Satish Pillai, chief operating officer, CIBIL and head of TransUnion in India, said the Indian credit market, which was driven by an unsecured credit role with about 100 million consumers five years ago, today figured 130 million consumers with the youth segment – seeking lending for two-wheelers – being one of the highest in this regard.

‘Besides helping banks and credit institutions in sorting out the good from the bad credit customers, the new credit score predicts the probability of default by the consumer while also helping segment their existing customers,’ he said , adding that with the market being dynamic and depending on execution by banks, the non-performing assets (NPA) rates could be reduced by half. Besides this credit score also benefiting banks going into markets where nobody else ventured, he said all present consumers would continue using the existing credit score until the news score was integrated within.
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