TransUnion Encouraged as Positive Credit Information is Made Available in Hong Kong

CHICAGO & HONG KONG – TransUnion, a leading global information solutions company, today announced the marketplace has positively received and is embracing the many benefits from the use and inclusion of positive information in consumer credit reports. The use of positive information for credit reporting and scoring for existing bank customers began in Hong Kong on June 2. The collection of that information started in June 2003.

By including positive information in the credit report, consumers are able to get a complete picture of their credit health, enabling them to potentially negotiate better rates and deals with credit grantors. Additionally, financial institutions can better predict and manage risks associated with their consumer loan portfolios.

“The early success of this initiative is a positive step forward for any growing economy,” said Alex Yuen, managing director of TransUnion, Hong Kong. “With its rich history of establishing and fostering credit industry growth for both consumers and credit grantors, TransUnion is making a real and tangible impact to economies around the world.”

As a leading advocate for the collection and disclosure of positive information, TransUnion also offers consumers fraud protection services in Hong Kong. Additionally, it offers businesses throughout the region a complete suite of services including: account processing, automotive information, analytics and decisioning solutions. Each solution is supported by the experience and ingenuity of a dedicated team of highly trained professionals and leverages more than 30 years of experience.

“The positive work that is being done and the relationships we are building is a testament to our commitment in China,” said Ralph Sorice, president of TransUnion – International. “We plan to continue on this successful path working and consulting with the Peoples Bank of China, government officials and other financial institutions to bring credit and technology solutions and services to this growing economy.”

The work throughout the Asia region further compliments TransUnion’s successes in markets such as India and Russia. TransUnion recently announced the formation of a partnership with many of Russia’s premier financial institutions to establish the country’s first publicly owned credit reporting company called the National Bureau of Credit Histories. In addition and through a joint partnership with CRIF, TransUnion will be supplying the new venture with specialized credit bureau technologies and operational and managerial expertise.