Trans Union LLC, an information and decision-processing services vendor, said yesterday that it has formed a strategic alliance with Korea Information Services to strengthen the credit reporting system in South Korea.
According to both companies, the alliance will enhance Korea's growing economy by working with Korea Information Services customers to implement an integrated package of credit bureau services, including credit risk information processing and risk management solutions.
Larry Howell, regional vice president at Trans Union International Inc., Chicago, said Trans Union is enthusiastic about teaming with Korea Information Services to establish a more sophisticated system of credit reporting for Korea's credit-granting community.
Song Tae-jun, CEO of Korea Information Services, said the full-scale effort to establish a credit bureau would provide meaningful results to the region's lenders.
The alliance also will encourage credit grantors to supply positive credit information to supplement the existing system of reporting only negative information. Both companies also are seeking ways to create an arrangement with financial institutions to serve the local market.
