As part of its mandate to provide standardized information on credit history and financial condition of Filipino borrowers, the Credit Information Corporation (CIC) invites Filipino borrowers to get a copy of their CIC Credit Report with a credit score online through CIBI Information Inc.—one of its accredited credit bureaus and special accessing entities.
CIBI recently launched the CIBIApp where individuals may register and create an account online either through their desktops or mobile phones anytime, anywhere.
CIC’s OIC President and CEO, Atty. Aileen L. Amor-Bautista, shared how this is a welcome development for the country’s central credit registry: “We have been waiting for the launch of this application by CIBI as this will help our individual borrowers access their own credit information with just a few clicks on their mobile devices. No need to travel physically to the CIC or CIBI office to validate their identity.”
“The credit report, which CIBI generates from the CIC database, will also include a credit score which can help Filipinos make informed financial decisions based on their credit history,” the CIC PCEO explained.
The CIC recorded a surge in request for credit reports from individual borrowers during the pandemic.
“This is most probably due to the increase in application for loans and other financial services as a result of the COVID-19 crisis. The requests drastically increased since the quarantine started. Even Filipinos abroad would like to obtain a copy,” Atty. Amor-Bautista added.
Personal information, character verification
Individual borrowers must download the CIBIApp via the Google Play Store or access it via their web browsers then register and create an account. The user must schedule an appointment for online character verification via the same app from Mondays to Fridays, 8:00 AM to 6:00 PM.
“Our users are assured that appropriate security systems are in place to ensure the security of the personal information that they enter through the CIBIapp. We likewise assure them that our character verification process, done on a video call format through the MeetMe feature of the app, will be robust so that they will be the only one to see the contents of their credit reports,” CIBI President and CEO Marlo Cruz also shared.
Atty. Amor-Bautista further reiterated who are authorized to access credit information from the CIC database pursuant to R. A. No. 9510 or the Credit Information System Act (CISA). This includes CIC’s submitting and accessing entities, accredited credit bureaus, and the data subjects themselves.
“This is why we can’t do away with character or identity validation, also known as the Know-Your-Client (KYC) process, to avoid identity theft and other privacy concerns,” the OIC PCEO continued.
Credit Reports vs. Credit Scores
An individual’s credit report — should they have prior or current credit exposures — contains consolidated positive and negative credit data and other relevant information as submitted by the financial institutions they transact with. The report reflects basic personal information, government-issued IDs, address(es) and contact details, detailed financial contracts, and credit card(s) records, among others. If an individual has no credit exposures, the report will contain a statement reflecting the absence of such.
“Our credit bureaus like CIBI, meanwhile, use the CIC Credit Report in calculating a borrower’s credit score based on a defined ranking system,” Atty. Amor-Bautista explained.
CIBI’s PCEO, on the other hand, discussed how the credit score is computed: “Also known as myScore, the credit score provided by CIBI is generated by the leaders in credit scoring and analytics, combining both local and global expertise—that of CIBI as the first and only Filipino credit bureau since 1982, and Fair Isaac Corporation (FICO), a world leader in analytics solutions since 1956.”
CIBI charges P235 for the credit report with credit score as a value-added service.
The report also contains the reason codes or the basis for the score, which ranges from 300 to 850 being the highest.
Atty. Amor-Bautista also reiterated how borrowers may update or file a dispute should they find any erroneous, incomplete, or outdated information on their credit reports: “If they find any discrepancy on their credit report, they may file a dispute through the CIC’s Online Dispute Resolution Process (ODRP). They just need to enter the Transaction Reference Number from their credit report which should not be more than 30 days old to initiate the process.”
“We also look forward to our two accredited credit bureaus—CRIF Philippines and TransUnion Information Solutions Inc.—providing credit reports with credit scores to individual borrowers in the future,” the CIC PCEO ended.