CIC COMPLIANCE ASSISTANCE PROGRAM
What is the program about?
Under the Republic Act No. 9510 or also known as the Credit Information Systems Act (CISA), wherein banks, quasi-banks, their subsidiaries and affiliates, life insurance companies, credit card companies, financing companies, cooperatives and other entities that provide credit facilities, are required to submit credit data (positive and negative) and updates thereon on a regular basis to the Credit Information Corporation (CIC). The institutions mentioned are referred to as “Submitting Entities”. In order to standardize credit data submission, submitting entities should follow a registration process with the CIC.
CIBI Information, Inc. is one of the accredited special accessing entities of the CIC and is certified to train and support submitting entities in complying with CIC data standards. In light with the sustainability of credit information exchange in the country, CIBI is offering its expertise, resources and services to submitting entities that are not familiar with the CIC registration process and to submitting entities that are in need of assistance. We can support and work side by side with submitting entities during the registration process in client data preparation, analysis, interpretation of errors and client data test submission at no cost involved.
The program will run from April to September 2018 only.
Why CIBI is the best technical training partner for you?
CIBI is one of the few Special Accessing Entities (SAE) under the Credit Information Corporation that was granted a certification as a Technical Training Partner Expert. With this, you are assured that CIBI is fully capable in handling your compliance to the CIC.
Who are qualified to join the program?
All Submitting Entities (SE) as described under the Credit Information System Act of 2008. A Submitting Entity refers to an entity which provides credit facilities such as, but not limited to, banks, quasi-banks, trust entities, investment houses, financing companies, cooperatives, micro-financing organizations, credit card companies, insurance companies and government lending institutions. The mentioned types of institutions who are in need of support and resources to comply with CIC data standards are qualified to join the program.
How can your organization join the program?
Below are the 4 steps in joining this program:
- Download the CIBI Application Form and fill in the important details.
- Furnish a copy of a board resolution or any documentation from the authorized signatories allowing CIBI to assist their institution's CIC compliance.
- Send the filled CIC Compliance Information Sheet along with a copy of a board resolution to email@example.com or deliver to CIBI office at 30th floor BDO Equitable Tower, 8751 Paseo de Roxas, Makati City.
- You will receive an electronic confirmation letter from us acknowledging your intent to join and your organization will be assisted by one of our data analysts.
What is the cost in joining the program?
Free of charge. There are no fees involved in joining the CIC Compliance Assistance Program.
What is the process for the Submitting Entity to register with the CIC?