World Consumer Credit Reporting Conference Focuses on Financial Inclusion, Data Security and the Future of Credit Markets
Top leaders representing financial services and credit reporting organizations from around the world are meeting at the World Consumer Credit Reporting Conference (WCCRC) held in New Delhi, India, to learn more about the changes that are occurring in their markets.
Among the key topics being addressed at the conference is how data and new technology are helping support financial inclusion in developing markets – an important factor for all international economies. Globally, about 1.7 billion adults remain “unbanked”, according to the World Bank Group. That means that these adults are without an account at a financial institution or a mobile money provider.
“At a global level, financial inclusion is a key concern,” said Neil Munroe, conference director of the WCCRC. “More information and new technology is facilitating access to financial services for millions and as a result enabling them to improve their quality of life. Providing individuals and small businesses with more access to purchasing power and the ability to better manage their finances is a key enabler for the economic development of all countries.”
TransUnion (NYSE: TRU), a leading global information solutions provider headquartered in Chicago, is one of three primary supporters of this global forum, along with the Association of Consumer Credit Information Suppliers (ACCIS) and the Consumer Data Industry Association (CDIA).
CDIA is the voice of the consumer reporting industry, which represents consumer reporting agencies including the nationwide credit bureaus, regional and specialized credit bureaus, residential screening companies, background check companies, and others. ACCIS represents the largest group of credit reference agencies in the world. ACCIS brings together 40 members across 27 European countries and 8 associate and affiliate members from all other continents.
At the conference, TransUnion will be presenting a case study about the importance of financial inclusion with examples that show how alternative data is creating more credit access for consumers.
For example, South Africa services only 70% of the economically active population because there is not enough credit data on individuals. TransUnion has been able to address this market by providing access to alternative data sources such as:
- Telco data
- Property data
- Vehicle ownership
“Utilizing new and innovative data sources enabled by technology we can give people more power, allowing them access to a wider number of options,” said David Neenan, President of International for TransUnion. “This ‘consumer first’ philosophy is why TransUnion has built tools and safeguards that consumers can use to manage their credit and protect their identities. This is just one of the key initiatives that will drive the credit reporting industry of the future.”
For more information about the WCCRC conference, please click here.
About the World Consumer Credit Reporting Conference
The 2018 World Consumer Credit Reporting Conference (WCCRC) is a three-day conference that will be held in New Delhi, India on September 23-25, 2018. Designed for senior executives representing credit reporting organizations from around the world, along with representatives of lenders, regulators and government officials, conference delegates will participate in a comprehensive agenda to address and debate the most critical and topical issues for the credit reporting industry, both now and in the future.
This eleventh World Consumer Credit Reporting Conference will be hosted by joint partners, the Association of Consumer Credit Information Suppliers (ACCIS), the Consumer Data Industry Association (CDIA), and TransUnion (TU).Approximately 250 delegates from over 60 countries are expected to attend conference, and include individuals that are both relatively new to the consumer credit market or have a detailed background in credit reporting.
About TransUnion (NYSE:TRU)
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
We call this Information for GoodSM.