About 86% percent of the total working population or a total of 86 million Juan dela Cruz are considered unbanked or those who do not have access to formal credit facilities. Due to limited access, these individuals are exposed to acquiring credit loans with higher interest rates, stringent collateral requirements, and little opportunity for financial growth.
This is a challenge of innovation and expansion for the lending industry in the Philippines yet, a massive opportunity for growth and financial inclusion. Is there a tool that can be used in transforming the unbanked into bankable individuals? How can you assess their creditworthiness quickly and accurately while predicting future risk?
Introducing myScore : the CIBI Bureau Score:
myScore is a credit score that can best represent the payment risk of your current and potential clients. myScore can help your approval decisions become faster and accurate while efficiently managing your accounts and minimizing any form of fraud or risk in lending. A credit score has become the innovative tool used by lenders all over the world for more than three decades. With the use of the myScore, you can assess whether a person is likely to pay as agreed or if you should extend them credit.
myScore : The CIBI Bureau Score is created by the leaders in credit scoring and analytics combining both local and global expertise.
CIBI Information, Inc. is the Philippines first and only Filipino credit bureau since 1982, the trusted data source expert, and the only local bureau accredited as Special Accessing Entity of the Credit Information Corporation. FICO Score is the global standard in credit scoring, and the world leader in analytic solutions for customer engagement since 1956.
By using myScore in your current internal scoring process, you can create an effective decision matrix that can strategically reduce the gray area during the origination process; competently guide your decisions on credit line management; and practically provide solutions in collection activities. With the use of myScore, 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.
Furthermore, myScore can be customized and applied to every industry requirements. myScore supports calculated risk lending and is applicable in optimizing your lending business lifecycle. With myScore, quick and accurate lending decisions are possible!