TT tweaking consumer credit

Micro Software Designs (MSD) Limited, now an approved Data Conversion Service Provider for TransUnion, will develop software that seamlessly converts disparate subscriber data into the TransUnion Trinidad Data Format (TUTDF).

TransUnion uses advanced technology coupled with extensive analytical capabilities to combat fraud and facilitate credit transactions between businesses and consumers across multiple markets.

The company operates the first fully automated credit bureau in Trinidad and Tobago. Currently, the top banks in these markets report consumer payment information, which amounts to credit data on more than 60 percent of the borrowing public.

As more financial institutions join TransUnion’s network of subscribers, industry leaders are expecting middle-sized and community lenders to follow suit.

“By partnering with MSD, we are sending an important message to the marketplace,” said TransUnion’s Ramesh Lutchman, general manager, Trinidad and Tobago.

“TransUnion is and always will take proactive means to help our subscribers meet the requirements necessary to fulfill their critical roles in the credit reporting process. In addition to prompting more financial institutions to join our network, we expect MSD’s technology to add significant value to our services.”

As part of the agreement, MSD will work with new subscribers to customize its software to work with their existing data format. This eliminates the need for new subscribers to allocate large amounts of resources to data conversion, enabling them to continue focusing on their core business. “This is particularly important for smaller subscribers with smaller IT departments,” added Lutchman.

TransUnion opened its operations in Trinidad and Tobago in July 2004 and currently offers direct to consumer products and services and risk management solutions to businesses.