GETTING AHEAD OF THE CURVE : CIBI-FICO SYNERGY TO ELEVATE CREDIT SCORING IN THE PHILIPPINES

BIIA | 28 June 2018

CIBI Information, Inc.TM (CIBI), the Philippines’ first and only Filipino credit bureau, remains true to its promise of providing more convenient ways for local lending corporations to make secure approval decisions for their clients. This is made possible by CIBI’s partnership with Consumer CreditScore (Phils.) or CCS and US-based data analytics company Fair Isaac Corporation (FICOTM), utilizing their collective expertise to continuously provide solutions that help raise the bar for financial research and analysis in the Philippines.

Last June 14, CIBI and CCS invited FICO Senior Vice President for Scores and Analytics Dr. Andrew Jennings to the Philippines for a group discussion with some of the country’s leading competitive banks. The event took place at the Makati Shangri-La Hotel.

Dr. Jennings, having been in the practice of credit scoring for almost 30 years, firmly believes that FICOTM is in the best position to transfer its acquired knowledge and expertise to various countries, such as the Philippines. Moreover, his presence here in the country was marked as validator of the constantly evolving CIBI-FICO synergy through the credit bureau services.

“The Philippines is part of the FICO score family,” Jennings shared. “What we’ve done is take all our accumulated knowledge and apply it to the specifics of the data here in the Philippines, so in a way, you get the best of both worlds from what we bring.”

CCS COO Klaas Van Wyk De Vries expressed his positive outlook on partnering with CIBI: “Our vision is to be the reigning and trending analytics company in the Philippines, aiming to establish the FICOTM score as the national benchmark for the development of the local consumer market, and through the employment of international consumer base practice in the country.”

“CIBI has always been about empowering Filipinos with financial solutions that are anchored on innovation,” said CIBI President and CEO Marlo R. Cruz. “This is a commitment that we share with our partners FICOTM and CCS, and the resulting synergy is what makes our partnership as strong as it is.”

myScoreTM: The CIBI-FICO Score

Among the many innovations of the CIBI-FICO partnership is myScoreTM: The CIBI-FICO Score, a tool designed to generate accurate data faster, allowing banks and other finance institutions to evaluate the credit score of their clients more efficiently. It combines the local and global expertise of both CIBITM and FICOTM to create a platform that enables effective decision-making for banks and other financiers all over the world. Using myScoreTM: The CIBI-FICO Score drives greater financial inclusion for clients, according to CIBI president and CEO Marlo Cruz.

“CIBI knows every Juan better,” Cruz said. “With the use of myScoreTM: The CIBI-FICO Score, you can have cost savings in credit and background checking, better loan portfolio, better knowledge on members’ credit standing and better programs and services towards improving the members’ quality of life.”

Credit scoring is one of the most effective ways to assess the creditworthiness of an organization or individual. It is a process that allows financing companies such as banks and credit unions to minimize any form of fraud and evaluate the potential risks of lending.

CIBITM and FICOTM guarantee that their quality services will get clients ahead of the curve through the help of certified data analysis. In this way, Filipino businesses are enabled to differentiate themselves and maintain a globally competitive edge.

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