TransUnion Partners with Micro Software Designs Limited for Reporting in Trinidad and Tobago

TransUnion entered into an agreement today that will make it easier for financial institutions in Trinidad and Tobago to report consumer credit information. 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).

“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 operates the first fully automated credit bureau in Trinidad and Tobago. Currently, the top banks in these markets report consumer payment information to the company, 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.

“We are pleased to provide our services for such an important initiative,” said Beverly Young, general manager of MSD. “A fully functional and robust credit reporting system can bring tremendous value to our country. We believe our software will create numerous time and cost savings for everyone involved.”

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. The island nation represents one of 15 countries TransUnion operates in throughout the Americas, and is among the more than 30 countries in which the company has operations worldwide.