About your CIC Credit Report

What is a credit report?

Sample Credit Report

A credit report is a summary of your financial transactions submitted to the Credit Information Corporation (CIC). The CIC has the authority to gather and collate these reports under Republic Act 9510.

What does a credit report contain?

A credit report contains your basic information such as your name, TIN, SSS or GSIS numbers, place of residence, employer, and business. It will also include all of your loan contracts with lending institutions, utility subscriptions, and other obligations which the CIC is authorized to collect.

Who can see my credit report?
Your credit report can only be accessed with your explicit authorization. This access is limited only to yourself or the financial entity you are transacting with.

How often does the CIC Credit Report get updated?
In accordance with Rule 4.2 of the Implementing Rules and Regulations (IRR) of R. A. No. 9510, regular updates on their borrowers’ credit data shall be submitted by the participating entities within 30 days from the time they are made available to them by their data subjects/borrowers.

What are the benefits of my credit report?
In the process of obtaining a loan or service, you may be asked by the lender or service provider to sign a waiver of access. Your credit report will allow the lender or service provider to assess your application in a fair and objective manner. In general, people with good track records of payment may receive lower interest rates or more services than those with poor payment track records.

Can my credit report be used by others and for other purposes other than what I allowed it to be used for?
Use of your credit report is limited to the specific purpose and duration that you authorized. Once the specific transaction is completed, the report cannot be recycled, passed on, sold on, or used in any way other than for the specific purpose you authorized.

Can I get a copy of my own credit report with credit score even if I am not applying for a loan or a service?

Yes. One of our accredited credit bureaus, CIBI Information Inc., recently launched the CIBIApp where you may get a copy of your credit report and credit score online, anytime, anywhere.

  1. For mobile phone users, just download the CIBIApp via the Google Play Store and App Store.
  2. For desktop users, you may access the app via your web browser at https://cibiapp.cibi.com.ph/#/login.

 

Note:

  • Credit score is a service provided by CIC's accredited credit bureaus. It is derived from CIC's credit reports. If you do not have any loan transactions in your credit report for the last two years, no credit score can be generated for you.
  • The CIBIApp is temporarily unavailable for both Android and iOS users from 16 April 2021 until further notice for the online Know-Your-Customer (KYC) integration activity. You may still request for your credit report with credit score online through the web app version.

Can I refuse to have my data submitted to the CIC?

No. A person's credit data is collected by the CIC through the various lending institutions and service providers that are part of the submitting institutions covered by R.A. 9510.

How can I clear my negative credit history?

Rule 4.5 - A of the Implementing Rules and Regulations of R. A. No. 9510 states that "any negative information on a borrower shall stay in the Corporation's database for not more than 3 years from and after the date the negative information shall have been rectified through the following:

i. Payment or liquidation of debt; or

ii. Settlement of debt through compromise agreement or court decision exculpating the borrower from any liability."

As such, a bad/negative credit history may be cleared through paying your dues on time.

In the event that your bad/negative credit data still reflects on your credit report despite it being cleared with the concerned financial institution, you may file a dispute online through the CIC’s Online Dispute Resolution Process (ODRP).

To know the steps on how to file a dispute, you may visit the Online Dispute service on the CIC website.

How can I have a good credit score?

Credit bureaus calculate credit scores based on five criteria. Take note of these factors in order to have a good credit score:

  1. Credit payment history – How regular you pay your debts, how much you repay, and whether you’ve paid on time or not;
  2. The amount owed or credit utilization ratio – How much of your credit limit you spend. If you’re maxing out your credit card, you’re likely to miss your loan repayments in the future and get a lower credit score;
  3. Length of credit history – The average age of your credit card and loan accounts, and the length of time since those were used;
  4. Types of credit used – Whether you’ve availed of a variety of credit types such as auto loans, mortgages, and credit cards. This information gives lenders an idea if you can manage different credit types responsibly; and
  5. New credit – How often you’ve opened new accounts. Applying for multiple credit cards or loans at once can hurt your credit score.

Who are your accredited Special Accessing Entities or SAEs?
  1. CIBI Information, Inc.
  2. Compuscan Philippines Inc.1
  3. CRIF Philippines
  4. TransUnion Information Solutions Philippines

I would like to request for a copy of my relative or another person’s credit report.
A credit report can only be obtained by the borrower himself, the financial entity with whom the borrower is transacting, or the accredited SAE but only upon the borrower's explicit authorization.

I would like to know the reason why I was declined when I applied for a loan.
Republic Act 9510 states that the disclosure of the reason behind rejection is an obligation of the submitting entity but only if an application used the credit report or credit data provided by Credit Information Corporation. This is indicated in the Implementing Rules and Regulations (4.6, g).
Get your CIC Credit Report

 

1 Statement on the mutual termination of agreement between Credit Information Corporation and Compuscan Philippines