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A Credit Score is a numeric expression that represents the creditworthiness of an individual.
It is a statistical analysis performed by lenders and financial institutions to assess a person’s capability to repay a loan. Lenders use credit scoring, among other things, to arrive at a decision on whether to extend credit. An individual’s credit score is a number between 300 and 850 where 850 being the highest credit rating possible.
An interested individual or the data subject who wishes to acquire his/her credit score and report for monitoring purposes has two means to do so: through the Credit Information Corporation (CIC) or through the Special Accessing Entity (SAE) such as CIBI Information, Inc. However, given the current phase of the credit information exchange system in the country, only the individuals with credit records or transactions to institutions engaging in credit-related activities such as the banks, microfinance, lending companies, insurance, and the like can avail their credit scores and reports.
Furthermore, these companies must be compliant or an active Submitting Entity (SE) to the Credit Information Corporation. To know more, you may visit this link.
A company that collects information relating to the credit ratings of individuals and makes it available to credit card companies, financial institutions, etc. In other terms, it is known as Credit Reporting Agency.
A Credit Report is a detailed report of an individual’s credit history. Credit bureaus collect information and create credit reports based on the information, and lenders use the reports along with other details to determine a loan applicants’ creditworthiness.
Republic Act No. 9510, otherwise known as, Credit Information System Act of 2008 or CISA Law is an act establishing the credit information system in the Philippines. In 2008, CISA law arranged the powers and roles of the Credit Information Corporation (CIC) that the primary mandate is to construct a centralized and comprehensive credit information system.
It is the policy of the State to protect the fundamental human right of privacy, of communication while ensuring free flow of information to promote innovation and growth. Implementing Rules and Regulations of Republic Act No. 10173, known as the “Data Privacy Act of 2012” is a pursuant to the mandate of the National Privacy Commission to administer and implement the provisions of the Data Privacy Act of 2012, and to monitor and ensure compliance of the country with international standards set for data protection, the following rules and regulations are hereby promulgated to effectively implement the provisions of the Act.
The Credit Information Corporation (CIC) is a government-owned and controlled corporation that is envisioned to be the leading provider of independent, reliable and accurate credit information in the Philippines.
CIC was created in 2008 by virtue of Republic Act. No. 9510, otherwise known as the Credit Information System Act (CISA) to collect, collate and disseminate credit information.
Source: Credit Information Corporation
In pursuit of its mission statement to be an advocate of credit education, CCAP would like to launch a Credit Information Awareness initiative to educate and inform the public on the usage of their credit information.
CIBI, being the only Filipino credit bureau and one of the leading expert on the area of credit scoring and reporting desires to collaborate with CCAP and assist CCAP in the accomplishment of its mission on credit awareness literacy
CIBI provides the credit information content for CCAP’s Credit Information Awareness Program and provide free credit scores to interested consumers that made a request through CCAP’s website, CIBIApp or social media channels.
Credit report with myScore will be given directly to the requesting consumer sent via email. Report will be password protected in PDF form. The credit score or myScore can also be viewed via the portal or mobile app, accessed by the consumer in their account with username and password once available.
CIBI is the one directly interacting with the consumer and conducts the following:
Compliance Requirements to be accomplished by CIBI
For consumers with no records found, you may check whether the financial institution/s that you’ve had transactions with is/are submitting credit data to the Credit Information Corporation. You may visit the CIC website and check the Submitting/Accessing Entity menu on the home page or just click this link: www.creditinfo.gov.ph/list-submitting-entities-production
If the financial institution is in the list, you may file a dispute online through the CIC’s Online Dispute Resolution Process (ODRP). Just agree to the terms and conditions and key in the following:
However, if the financial institution is not in the list, you may send an
email to firstname.lastname@example.org with subject line FI IS NOT IN THE CIC LIST to initiate the dispute.
You may also view the Dispute Resolution Guidelines for your reference.
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