Information and insights company TransUnion Philippines has partnered with Lista, a financial management app, to make consumer credit reports more accessible to Filipinos. This collaboration allows users to request their credit reports and scores through the Lista mobile app, promoting financial inclusion across the country.
TransUnion’s credit data and scoring models assess a user’s risk profile, which can be used to manage credit and apply for loans. Credit scores influence interest rates and approvals for mortgages, car loans, and even small business funding. With more Filipinos now holding credit cards, the demand for better credit management is growing.
“With credit card ownership growing and more Filipinos looking to borrow or use credit both in the short and long term, we believe this strategic partnership supports the national government’s goal of becoming an upper-middle-income economy,” Amrita Bhattacharya, chief operating officer for Asia-Pacific, TransUnion, said in a media release.
According to TransUnion’s Credit Perception Index, credit card ownership in the Philippines increased by 15 percentage points in the past year, with 40% of Filipinos now owning a card. The report also noted that 72% of respondents plan to improve their financial literacy in the coming year.
“Through our collaboration with TransUnion, we aim to bridge the gap in financial literacy and accessibility to credit information in the Philippines,” said Khriztina Lim, co-founder and chief operating officer of Lista.
With the Lista app, Filipinos can now easily check their credit scores and reports, making it simpler to manage their finances and stay vigilant against fraud. Both companies hope that this partnership will empower Filipinos to make better financial decisions and foster financial wellness.