Latest news with #Transunion
Business Upturn
01-07-2025
- Business
- Business Upturn
Maharashtra Leads in MSME Loans and Credit Growth
Business Corporates Finance A report by Transunion states that Maharashtra leads the country in MSME loans, with the highest share of credit to small and medium businesses, according to TransUnion CIBIL. The state is also seeing good repayment trends, showing that most businesses are managing their loans well. By Riddhima Jain Published on July 1, 2025, 14:11 IST As India celebrated MSME Day, a new report by TransUnion CIBIL highlights Maharashtra's leading role in supporting and sustaining the country's vibrant MSME ecosystem. From disciplined repayments to strong loan demand, the state continues to set the pace for small business financing across India. The data shows that Maharashtra accounts for nearly 19% of all MSME loans in the ₹10–₹50 crore range — the highest in the country. What's more encouraging is that larger businesses in this segment are showing excellent repayment behavior, with a delinquency rate of just 1.4%, slightly better than the national average. For smaller businesses with credit exposure between ₹1 crore and ₹10 crore, Maharashtra contributes to 15% of total loan balances. Though the repayment delays in this group are a touch higher at 1.8%, they still remain in a healthy zone. Even micro businesses — those borrowing up to ₹1 crore — showed steady growth of 11% over the last five years, though repayment delays in this category were a bit higher at 3.4%, hinting at the need for better credit monitoring. What's driving this growth? Manufacturing is at the heart of it. It made up 35% of all new MSME loans in the March 2025 quarter. And with 22% of these loans being long-term, it's clear that many MSMEs are investing in building future capacity, expanding their businesses with confidence. Ahmedabad Plane Crash
Forbes
16-06-2025
- Business
- Forbes
Securing The Cyber Well-Being Of Executives And Their Families
Matt Cullina is Head of Global Cyber Insurance Business at Transunion . getty Last year's attack on UnitedHealthcare's CEO invigorated the conversation about corporate executive security. Some large organizations are spending millions on personal bodyguards, home monitoring and transportation as precautionary measures for the physical safety of top executives. However, as the focus on physical safety has strengthened, I believe a significant vulnerability remains overlooked: cyber threats to executives and their families, which pose a risk to personal and corporate finances, intellectual property, digital assets and reputation. For cybercriminals, executives are highly prized targets. Their access to capital resources and trade secrets, coupled with ever-expanding digital footprints, lures criminals to design sophisticated attacks. And it's not just the executive at risk. Threat actors look for every angle to compromise, including gaining backdoor access through an attack on an executive's family members. Unlike physical security protocols, I find cyber protections for executives and their families often lack the same rigor, and the stakes for these security gaps are growing higher. Executive Families: A Wealth Of Cyber Risks The reality is stark: Today's cybercriminals have more tools than ever to breach personal and corporate defenses. These risks are compounded by an increasing reliance on digital services and the prolific use of social media platforms where executives' spouses and children may unknowingly share information that can be exploited for social engineering attacks. Research by Javelin Strategy highlights this danger. Children from affluent households are at greater risk of identity theft and scams. Given the access to social media and persistent appetite for social gossip news, the identities of executives' children and spouses can not only be known, but they're increasingly trackable—both in person and online. Public profiles, media mentions and even school achievements publicized online are potential fodder for exploitation. Emerging technologies only escalate the stakes. Deepfake tools and generative AI have armed cybercriminals with the ability to impersonate executives or their loved ones with incredible realism. Modern criminals know human psychology is the weakest link in even the strongest cybersecurity defense. This is why social engineering has replaced ransomware as the primary path to illegal system access. The repercussions of such attacks are far-reaching. An executive compromised through a family-targeted scam can quickly lead to broader breaches in corporate security. Executives may feel reluctant to report these incidents due to fears of embarrassment or reputational harm, which only further emboldens cybercriminals. Given the high-stakes landscape, companies must evolve their approaches to integrate digital protection for executives into their broader security frameworks. To be effective, solutions need to move further into the territory of tailored, proactive strategies that anticipate the unique digital risks executives and their families face. Protection Beyond The Workplace Particularly for executives facing a widening array of cyber risk vectors, cyber insurance protections offered through corporate policies are murky and complicated. Most executives believe they're adequately protected by commercial policies, when in reality, these policies rarely cover incidents originating from personal exposure. On the personal front, the identity protection they may have attached to a home insurance policy is not equipped to cover complex incidents affecting both personal and corporate systems. In recognition of the growing complexities for executives, the cyber insurance industry is responding with more tailored offerings that fill the gaps of traditional coverages. New policies developed for executives and high-net-worth individuals, more specifically, address their unique risk profiles. One of the most promising developments in executive protection is the emergence of tailored cyber insurance policies. Unlike traditional coverage, these policies are designed specifically to address the risk profiles of high-powered and high-net-worth individuals and their families. Now, a personal cyber endorsement for executives or board members and their families can be attached to commercial cyber policies. Coverage can include robust protection, including identity monitoring, incident response services, social engineering fraud protection and access to round-the-clock support in the event of a cyber incident. When included in an executive perks package, these offerings simultaneously strengthen an organization's overall cybersecurity posture. When reassured with protections that extend across the home front, covered executives can focus their attention more fully on company leadership. Proactive Steps To Take Now Forward-thinking organizations are beginning to weave executive cyber well-being into their risk management strategies. Key actions that keep executives and their families, along with corporate systems—safer include: • Conducting Personalized Risk Assessments: Conduct an assessment of each executive's digital footprint, including their family's online exposure. • Providing Personalized Education And Training: Develop briefings for executives and their families outlining the unique risks they face, alert them to emerging threats and review best practices. • Strengthening Defenses: Whenever possible, assist executives and families in setting up additional security measures, including things like communication channels, device security and access controls. • Extending Cyber Protection Benefits: Consider digital security as part of the executive benefits package, wrapping together comprehensive protections such as identity monitoring, fraud remediation, cyber incident response and cyber insurance. • Establishing Incident Response Processes: Given the prevalence of digital risks, it's wise for every organization to have a cyber incident response plan in place long before it's needed. Outline processes for attacks targeting an executive or family member and ensure they have immediate access to expert support to minimize potential damage. • Speak To Your Commercial Insurance Agent: Though offerings for more comprehensive and specialized personal cyber protections are expanding, it is still an emerging trend. You may need to be vocal about the desire for greater protection. Holistic Security Is Better Security As threat actors grow more sophisticated, companies must match that complexity with holistic, specialized protection that extends beyond office walls and deeper into the digital lives of their leaders. By taking steps before a crisis upends the life of an executive or the assets of the company, an organization will have done more than avoid a singular crisis; it will be better positioned to defend against emerging threats, enhance executive value propositions and operate in a more stable environment. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Yahoo
15-06-2025
- Automotive
- Yahoo
Financial Influencer Vincent Chan Says No One Is Talking About These 5 Wealth Killers
Vincent Chan is a popular financial influencer with 746,000 subscribers and counting on YouTube. Recently, he published a video called 'The 5.5 Wealth Killers No One Talks About.' Discover More: Find Out: In his video, he shared several purchases and decisions that could be preventing people from building wealth. He also offered strategies and tips for making big purchases, like houses and cars. Viewers who watch his video or read the advice below should leave with a solid understanding of how to make big life decisions and purchases that can impact them for a lifetime. Cars have become incredibly expensive to own. In fact, the average new car payment is now $745 per month, according to Q3 2024 data from Transunion. As Chan pointed out, cars also significantly depreciate in value. He explains that in just the first year, new cars lose 20% of their value. There are some tactics consumers can use to purchase a car the smart way. Chan advised following what he calls the 20/4/10 rule, which is to make a 20% down payment for four years. Additionally, he said car expenses should not exceed 10% of a person's monthly income. Consumers should also consider buying used to avoid the initial depreciation new cars experience, and to avoid rolling negative equity into a new loan. Read Next: While no one wants to think about divorce, it's a good idea for people to understand early on that their choice in a partner affects their long-term wealth-building goals. People should consider signing a prenuptial agreement before getting married to protect any assets they have before getting married. Divorces cost, on average, just under $20,000 per couple, according to data cited by Self. That, combined with a loss of assets, can be a big wealth killer. According to Federal Reserve data, the average credit card interest rate as of Q4 2024 was over 21.47%. This high interest rate can make it incredibly difficult for consumers to get out of debt and have enough cash flow to invest. One tactic to eliminate high interest debt is to consolidate it. Consumers can apply for a balance transfer card that has a 0% introductory APR for a set term. This can help them to pay down the principle much faster. Alternatively, consumers can apply for a personal loan with a lower interest rate, and use funds from the personal loan to pay off their credit card debt. Houses are supposed to be the American dream, but many people don't realize just how expensive homeownership can be. A 2024 Harvard University report claimed the number of households that were 'cost-burdened' — meaning their housing costs made up more than 30% of their income — grew by 3 million between 2019 and 2022 to a whopping 19.7 million. That means that for millions of people, their home is unaffordable and prevents them from building wealth. Although many financial experts agree that owning a home is a worthwhile investment, it's not worthwhile if owning it negatively affects someone's quality of life. In order to avoid this wealth killer, Chan said to run the numbers before buying a home. Potential homebuyers should wait until they can fulfill what Chan calls the 28/36/20 rule, which means people shouldn't put more than 28% of their monthly income towards housing. Then, they should make sure all their debt payments combined are less than 36% of their income. Finally, Chan recommended people save 20% for a down payment. At the end of the video, Chan reminded his viewers that procrastination is also a wealth killer. Every time people delay saving or investing, they lose out on potential growth in the future. The earlier someone starts investing, the better, thanks to the wonders of compound interest. Chan reminded his viewers that they can start small and automate their investments to make progress easier. More From GOBankingRates How Far $750K Plus Social Security Goes in Retirement in Every US Region This article originally appeared on Financial Influencer Vincent Chan Says No One Is Talking About These 5 Wealth Killers
Yahoo
15-06-2025
- Automotive
- Yahoo
Financial Influencer Vincent Chan Says No One Is Talking About These 5 Wealth Killers
Vincent Chan is a popular financial influencer with 746,000 subscribers and counting on YouTube. Recently, he published a video called 'The 5.5 Wealth Killers No One Talks About.' Discover More: Find Out: In his video, he shared several purchases and decisions that could be preventing people from building wealth. He also offered strategies and tips for making big purchases, like houses and cars. Viewers who watch his video or read the advice below should leave with a solid understanding of how to make big life decisions and purchases that can impact them for a lifetime. Cars have become incredibly expensive to own. In fact, the average new car payment is now $745 per month, according to Q3 2024 data from Transunion. As Chan pointed out, cars also significantly depreciate in value. He explains that in just the first year, new cars lose 20% of their value. There are some tactics consumers can use to purchase a car the smart way. Chan advised following what he calls the 20/4/10 rule, which is to make a 20% down payment for four years. Additionally, he said car expenses should not exceed 10% of a person's monthly income. Consumers should also consider buying used to avoid the initial depreciation new cars experience, and to avoid rolling negative equity into a new loan. Read Next: While no one wants to think about divorce, it's a good idea for people to understand early on that their choice in a partner affects their long-term wealth-building goals. People should consider signing a prenuptial agreement before getting married to protect any assets they have before getting married. Divorces cost, on average, just under $20,000 per couple, according to data cited by Self. That, combined with a loss of assets, can be a big wealth killer. According to Federal Reserve data, the average credit card interest rate as of Q4 2024 was over 21.47%. This high interest rate can make it incredibly difficult for consumers to get out of debt and have enough cash flow to invest. One tactic to eliminate high interest debt is to consolidate it. Consumers can apply for a balance transfer card that has a 0% introductory APR for a set term. This can help them to pay down the principle much faster. Alternatively, consumers can apply for a personal loan with a lower interest rate, and use funds from the personal loan to pay off their credit card debt. Houses are supposed to be the American dream, but many people don't realize just how expensive homeownership can be. A 2024 Harvard University report claimed the number of households that were 'cost-burdened' — meaning their housing costs made up more than 30% of their income — grew by 3 million between 2019 and 2022 to a whopping 19.7 million. That means that for millions of people, their home is unaffordable and prevents them from building wealth. Although many financial experts agree that owning a home is a worthwhile investment, it's not worthwhile if owning it negatively affects someone's quality of life. In order to avoid this wealth killer, Chan said to run the numbers before buying a home. Potential homebuyers should wait until they can fulfill what Chan calls the 28/36/20 rule, which means people shouldn't put more than 28% of their monthly income towards housing. Then, they should make sure all their debt payments combined are less than 36% of their income. Finally, Chan recommended people save 20% for a down payment. At the end of the video, Chan reminded his viewers that procrastination is also a wealth killer. Every time people delay saving or investing, they lose out on potential growth in the future. The earlier someone starts investing, the better, thanks to the wonders of compound interest. Chan reminded his viewers that they can start small and automate their investments to make progress easier. More From GOBankingRates 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on Financial Influencer Vincent Chan Says No One Is Talking About These 5 Wealth Killers Sign in to access your portfolio
Global News
28-05-2025
- Business
- Global News
‘I had no idea I was dead': B.C. man fights with TransUnion Canada to prove he's alive
A B.C. man says for close to eight years he's been battling with TransUnion Canada to prove he's alive. 'I can't go and borrow money anywhere because Transunion has got me in as deceased,' said Bryan Kupiak. The North Okanagan resident says his troubles with the credit reporting agency started at the end of 2017 when his mother passed away. Kupiak says his social insurance number had been mistakenly switched with his mother's on her death certificate. 'I had no idea I was dead. Like my pension stopped there's something the matter here,' said Kupiak. Kupiak says he was able to clear up the confusion with the federal government about his pension, but when he went to borrow money he ran into issues again. 'I went to borrow money from the bank. I was buying a new house and I just needed a couple of grand to put down a deposit and my own credit union wouldn't give me any money,' said Kupiak. Story continues below advertisement It was then, Kupiak says, he discovered Transunion Canada had mistakenly declared him as deceased. He says it's a situation he's been unable to resolve on his own. Kupiak says when he calls TransUnion to fix the error on his file, he's told there isn't an issue even though his TransUnion documentation proves otherwise. 'After eight years, this is ridiculous. I'm 73 years old. This started when I was 65,' said Kupiak. 1:50 Consumer Matters: Food inflation putting credit card pressure on Canadians Kupiak says Transunion had requested he send copies of his passport and driver's license by mail for verification, but Kupiak says he's uncomfortable. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'With all the scams happening out there today you don't want to send anybody any private information about yourself,' said Kupiak. 'I had no idea who I was talking to. All they would do is give me their first name.' At one point, Kupiak reached out to the Better Business Bureau for help, but the BBB has since closed his case as unresolved. Story continues below advertisement Consumer Matters reached out to TransUnion Canada on Kupiak's behalf and received a call immediately. Kupiak says TransUnion apologized and assured him the issue is now fixed. In an email to Consumer Matters, TransUnion Canada stated in part: 'Due to privacy reasons, we do not provide information on individual consumers. Mistaken reports of consumer deaths are rare, but they do happen on occasion. TransUnion receives information from a variety of sources, and in some cases, incorrect data may be reported to us. When this happens, our contact centre can launch an investigation upon receiving a request to correct the information. In certain situations, consumers may need to contact the original source of the information directly to resolve the issue. In other cases, TransUnion can correct the file once the affected individual's identity has been verified…' The Credit Counselling Society told Consumer Matters mistakes on credit reports are not uncommon. 'When misinformation is on your credit report it is going to have a profound effect on what your credit score is. 'Of course, all the information on your credit report gets calculated on the algorithm to give the score. When the information is wrong, it's important to act quickly and try to get that corrected,' said Mark Kalinowski who is an education specialist with the Credit Counselling Society Story continues below advertisement In the meantime, Kupiak says he's happy his information is finally corrected with TransUnion and can put a long and frustrating experience to rest.
