MANILA - Credit Information Corporation has accredited six credit bureaus that are expected to help in providing advance access to credit information and processing in the Philippines.

CIC President and CEO Jaime Garchitorena said CIC round six applicant firms capable to act as accessing entities during the briefing of Financial Infrastructure Development Network "Conference on Credit Infrastructure" on Monday.

The accredited credit bureaus compose of five foreign-owned entities which have originated from South Africa, Italy, South Asia, Singapore, and the United States, and one wholly local bureau will perform an assessment on the credit performance and history of each individual or borrower in the Philippines.

President and CEO said, "Completion of the substantial collection of data will happen later this year, probably closer to December 2016 or 2017. We are looking to that timeframe.”

He also added that "The whole process for the next year, including the presence of the credit bureaus, is getting the market ready. Starting June, we should be able to bring accredited credit bureaus on board to join us in this roadshow, so that we are credible when we present. Starting June, we have names, faces, and products to present to these people."

The CIC system will undergo a period of adjustment before opening the credit system to the public and make it beneficial for every individual to obtain their credit scores once the integration process is done.

“The credit bureaus themselves have a role in financial education. Because this is a completely new product, people do not understand what having an individual credit score is,” he said.

Credit scores are vital for they help lending entities to perform a thorough assessment of the borrower's capability to acquire credit accommodation.