TAYABAS, QUEZON, 18 May 2018 – The Credit Information Corporation (CIC) presented its mandate in relation to Republic Act No. 9510 otherwise known as Credit Information Systems Act (CISA) on the 46th General Assembly of Quezon Federation and Union of Cooperatives (QFUC) at St. Jude Coop Hotel and Event Center.

Joined by member representatives from 48 cooperatives all over Southern Tagalog, this convention of cooperative members and leaders’ targets to be a learning gathering for entrepreneurs on raising awareness and knowledge on the best practices and innovative strategies.

Atty. Aileen L. Amor-Bautista represented the CIC on the said event and shared with the participants the benefits of aggregated credit data among cooperatives as a submitting entity.

CIC as a Library of Credit Information
On her talk, Atty. Amor-Bautista cleared that while credit bureau offers background investigation of a potential borrower, credit scoring and analysis, CIC serves as a public credit registry, thus in accordance to the law, is only mandated to collect and disseminate aggregated credit data.

Benefits of CIS to the Cooperatives
The timeliness of the Credit Information System (CIS) to the mission of fostering growth and development in the cooperative sector will give way to lower minimal interest rates because the generated credit report of a cooperative’s potential member-borrower will reflect their payment behavior. 

Once fully operational, cooperatives that are willing to provide loan assistance to their members/borrowers will have an ease of monitoring and assessment of the creditworthiness of such individuals.

QFUC is a well-known platform for the cooperatives sector in Quezon and neighboring provinces of Laguna and Marinduque with the goal of converging and building business and services as well as establishing a cooperative training institute.