TransUnion CIBIL Partners with eCommerce and Employment Screening Firms
Partnerships to enable faster and more informed decisions for online lending and employee screening processes
MUMBAI, 18 April, 2017: In order to help e-Commerce and employee screening firms make faster, improved and more reliable decisions based on credit behavior of individuals, TransUnion CIBIL has inked partnerships with leading e-Commerce and employee screening firms. Such partnerships provide these firms with the ability to use data in order to make improved credit and employment screening decisions.
The credit screening application process on e-Commerce portals currently happens after the consumer submits an application. With this new initiative, the consumer will not only see offers they are eligible for but will also have access to the CIBIL Score and Report that is used to display the offers. This may reduce the rejection rate on applications, making the process more efficient, faster and easier for both the e-Commerce company and the consumer.
Commenting on this initiative, Mr. Hrushi Mehta - VP and Head - Consumer Interactive, TransUnion CIBIL said, “We are pleased to extend our services to additional players in the financial ecosystem. This new initiative is aligned with our goal of providing consumers faster and cheaper access to credit.”
Emerging global trends indicate an increase in the use of credit data during employment screening by prospective employers. It has been observed that this practice has recently begun to take root in India. A chronically credit impaired individual may be more vulnerable to indulge in corporate misappropriation than an individual who is financially disciplined and always pays their debts on time. “This is a positive step towards strengthening internal controls along international standards” said Mehta.
Speaking about privacy and data security, Mehta emphasized, “Consumer privacy and data security is vital and therefore the partner firm has to obtain express consumer consent before we share the consumer’s CIBIL Score and Report with them. To further facilitate transparency and drive awareness, the CIBIL Score and Report is also shared with the consumer free of cost.”
In addition, TransUnion CIBIL will provide an authentication tool to the partner that will enable instant and reliable KYC checks to further enhance the process and make it faster and even more efficient. The CIBIL Score is a 3-digit numeric summary of an individual’s credit history calculated based on the information in the CIBIL Report. The CIBIL Score ranges from 300 to 900 points. The closer the individual’s Score is to 900, the more favorably the loan application will be viewed by a lender. An individual’s CIBIL Score and Report not only determines whether she/he qualifies for a loan, but it may also have an impact on the terms and conditions on the loan. The higher the credit score, the better the chances of obtaining the loan and on more favorable terms. Consumers should check their CIBIL Score and Report regularly. Timely payments of loan EMIs is most important for maintaining a good credit history and a healthy credit score.
About TransUnion CIBIL – Consumer Interactive
Consumer Interactive is the direct-to-consumer division of TransUnion CIBIL, India’s largest credit information company with one of the country’s most comprehensive collections of consumer information. Our mission is to help Indian consumers access and understand the opportunities that lead to a higher quality of life by providing them with means to appreciate and manage their credit. This is achieved through a confluence of data and internet-based tools that provide consumers the most accessible, accurate credit information and promote financial literacy, inclusion and protection. We believe in the power of information to help individuals make better and smarter decisions so they can achieve their personal financial goals while contributing to the development of a stronger economy.
We call this Information for Good.
To learn more about TransUnion CIBIL – Consumer Interactive please visit cibil.com