MAKATI CITY, 06 July 2018 – Credit Information Corporation (CIC) held a whole day orientation on technical compliance to Republic Act No. 9510 entitled: Credit Information System Act or CISA, which aims to establish a comprehensive database to collect and disseminate credit information.

More than forty (40) representatives across various submitting entities composed of banks, cooperatives, financing institutions participated in the said technical compliance workshop spearheaded by CIC.  In house speaker-facilitator Lady Hannah Balana of the IT Group, guided the SEs on each procedure to be undertaken regarding credit data submission and/or updating on a monthly basis which includes the format of reports, protocol on file transfer and data validation.

Atty. Patrice Jamaine Barron, In-house counsel, discussed about the  legal framework of CIC being the country’s central credit information registry and its difference from a credit bureau.  During her presentation, she encouraged maintaining a good reputation in obtaining loans. Apart from the usual collateral being required, the financing institutions also look at the payment history of the borrowers. Thus, having a positive credit information is a major factor in loan application approval.

The CIC currently accommodates request for trainings on technical compliance to extend assistance among submitting entities to better understand how to properly submit to CIC the credit data of borrowers. The CIC has likewise accredited select representatives of its special accessing entities to promote CIC’s initiative in properly explaining the manual on submission of credit data. For further details on this, inquiries can be sent to: events@creditinfo.gov.ph   

The Credit Information Corporation was created by law in 2008 and is the Philippines one and only central public credit registry. It is mandated to collect credit related data from all financial institutions, as well as other potential sources providing credit facility.