1. What is a Credit Score and why do I need it?
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.
2. What is a Credit Report and why is it important?
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’ credit worthiness.
3. What is a Credit Bureau?
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.
4. How Filipinos can acquire their credit score and credit report?
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.
What do I need to know about Republic Act 9510, otherwise known as, Credit Information Systems Act of 2008?
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.
What do I need to know about the Republic Act 10173 or the Data Privacy Act?
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.
What is the Credit Information Corporation or CIC?
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.
What are the functions of CIC?
The CIC has three (3) important functions:
1. To receive and consolidate basic credit data
2. To act as a central registry or repository of credit information
3. To provide access to reliable, standardized information on credit history and financial condition of borrowers
What is a Special Accessing Entity? What is a Submitting Entity?
Special Accessing Entity refers to a duly accredited private corporation, qualified and accepted by the Corporation, engaged primarily in the business of providing Credit Reports, Credit Scores and other similar credit information products and services. Special Accessing Entity is another term for Credit Bureau or Credit Reporting Agency (CRA).
Submitting Entity refers to an entity which provides credit facilities and required by the law to submit information or data about a borrower, including 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.
Does CIBI provide credit reports and credit scores for individuals and corporations?
As a Credit Bureau and as an accredited Special Accessing Entity of Credit Information Corporation (CIC), CIBI Information, Inc. has the capability to provide credit reports and credit scores for individuals and corporations.
CIBI offers globally-accepted credit scores to support the financial growth of every Filipinos, locally and abroad.
What are the existing credit bureau products of CIBI?
The following are the products of CIBI Credit Bureau Portal:
1. Identity Check – Confirms the identity of an individual.
2. Employment History Check - Confirms the employment history of an individual.
3. Address Check – confirms the last known address of an individual.
Do you have enough manpower to cater different locations around PH? Do you have foreign-related services?
CIBI captures the Philippine market through its corporate offices strategically located in two main cities in the country: Makati and Cebu. Our well-trained field verifiers are situated in the major cities across the nation and is capable of servicing the Luzon, Visayas and Mindanao areas.
CIBI is an active member of internationally-known business and credit associations such as Asiagate, COFACE Credit Alliance Network and Business Information Industry Association (BIIA). CIBI is a recognized credit reporting agency in the Philippines.
These recognitions makes CIBI a reliable resource even for international business, personal and credit information.