TransUnion CIBIL Partners with KPMG in India to facilitate Employee & Vendor Credit Screening
TransUnion CIBIL, India’s leading Credit Information Company has partnered with KPMG in India, a professional services firm and one of the leading providers of Forensic and Verification Services in India to facilitate employee and business credit check / verification and to provide the CIBIL Score & Report as part of their bouquet of employment screening and due diligence offerings. The partnership provides a seamless way of obtaining a holistic view of a business and candidate’s financial profile.
Mr. Ankit Mishra, Partner, Forensic Services, KPMG in India said, “Employers use credit reports to judge how responsible and financially stable a candidate is. An individual who is credit impaired is more likely to indulge in frauds than an individual who is financially disciplined. This is a positive step towards strengthening internal controls along international standards.
A standard practice internationally, the demand for conducting employment credit checks is now increasing in India. It enables employers to make quick, consistent decisions based on pertinent financial behavioral information not typically included on a job application. It not only helps an employer identify candidates and employees who may be financially overextended but also helps to mitigate the risks posed to a business by individuals under financial stress.
“Getting to know the financial history of smaller organisations, especially credit-related issues such as defaults, has always been a long-winding exercise, with little results to speak of. A comprehensive credit report, along with due diligence capabilities of KPMG in India, will allow for a deeper and pointed insight into the financial position and credit behaviour of an entity. This would be particularly useful for on-boarding of vendors/ distributors, shortlisting contractors, M&A situations, assessing financial viability and insolvency positions with respect to a third party and any risks emanating thereof,” said Maneesha Garg, Partner and lead, Corporate Intelligence, Forensic Services, KPMG in India.
Commenting on this partnership, Mr. Hrushikesh Mehta, VP and Head - Direct to Consumer Interactive, TransUnion CIBIL said, “This new initiative is aligned with our goal of helping companies & individuals make informed decisions. The Score and Report is shared with the candidate and the partner post explicit consent and authentication”.
About KPMG in India
KPMG in India, a professional services firm, is the Indian member firm affiliated with KPMG International and was established in September 1993. Our professionals leverage the global network of firms, providing detailed knowledge of local laws, regulations, markets and competition. KPMG has offices across India in Ahmedabad, Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Jaipur, Kochi, Kolkata, Mumbai, Noida, Pune and Vadodara. KPMG in India offers services to national and international clients in India across sectors. We strive to provide rapid, performance-based, industry-focussed and technology-enabled services, which reflect a shared knowledge of global and local industries and our experience of the Indian business environment.
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.