App allows borrowers to access credit data

With individual borrowers requesting for credit reports, the Credit Information Corp. (CIC) recently introduced a mobile application that allows remote access of such data.

The country’s central credit registry said that the public can access CIC credit reports with credit scores through the app launched by CIBI Information Inc., one of the government firm’s accredited credit bureaus and accessing entities.

Individuals may register and create an account while using the application through their electronic gadgets.

CIC Officer-in-Charge President Aileen L. Amor-Bautista said this initiative is enabling the public to avail of the services of the registry at home or anywhere.

“This mobile application by CIBI will help our individual borrowers access their own credit information through their mobile devices,” she said. “The main innovation here is that we can do online identity verification to help secure the process, especially during this time of restricted travel and social distancing.”

An individual’s credit report contains consolidated positive and negative credit data, along with other relevant information submitted by the financial institutions.

It also includes basic personal information, government-issued IDs, address, contact details, financial contracts, and credit card records, among others.

The report also shows if the individual has no credit exposures at the moment of accessing data.

As of end-August, its database on-boards 18.2 million individuals, nearly 26 percent of the country’s adult population. In addition, the CIC said the credit database comprises 80.4 million contracts, 58.9 million of which are installment transactions.

The credit registry currently has 519 submitting entities coming from different sectors of the financial system.

Amor-Bautista said that borrowers may update or file a dispute should there be erroneous, incomplete, or outdated information presented in the report.

The CIC asked for a P90-million budget for next year as it seeks to improve its database management further.

The bulk, or around P35 million, of this requested financing, will be earmarked to better the security and maintenance of its growing credit database.

Title: App allows borrowers to access credit data
Published: October 5, 2020
By: Business Mirror
Published by: Tyrone Jasper C. Piad

Tags: CIBI News

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