SANTO DOMINGO.– The Dominican Republic's Multiple Banking Association (ABA) and the global information center TransUnion announced yesterday that they will implement an alternative credit scoring system to facilitate the evaluation of the creditworthiness of loan applicants under the government's Happy Family Housing plan.
This is established in a collaboration agreement signed by the president of the ABA, Rosanna Ruiz, and the president of TransUnion Latin America, Carlos Valencia, which applies to all applications of the aforementioned housing plan.
Rosanna Ruiz and Carlos Valencia. (External source).
Ruiz emphasized that this alliance seeks to "streamline the process of requesting financing from multiple banks for the acquisition of low-cost housing units, in order to realize the dream of acquiring a decent roof that many low-income Dominican families have.".
For his part, Valencia maintained that financial inclusion is a priority for the company, which has committed to using credit and alternative data from various sources to bring more people into the formal financial sector throughout Latin America. He also expressed his willingness to support other efforts to optimize the products and services offered by the banking sector to the public.
The agreement stipulates that TransUnion will provide its expertise in the collection and analysis of financial and credit data, as well as the use of new technologies, while the Banking Association will facilitate access to additional relevant data and coordinate the presentation of the results to the Government counterpart and the Risk Committee of the banking association.
In a press release, they stated that the action demonstrates the entities' commitment to promoting financial inclusion and sustainability, and consequently, to the economic and human development of the Dominican Republic.
