MAKATI CITY, 8 July 2018 – CIC Senior Vice President for Business Development and Communications Atty. Aileen L. Amor-Bautista emphasized the need to report and update credit information to protect the borrowers on high interest rates consequently reducing indebtedness.

This weekend over Good Morning Metro Manila, a tele-radio show hosted by Radyoman Buddy Oberas of DZXL, Atty. Amor-Bautista recounted that due to the 2007 - 2008 financial crisis developing nations were encouraged to strengthen their financial infrastructure, including establishment of credit reporting systems.  Republic Act No. 9510 was then enacted making the Credit Information Corporation as the country’s central repository of credit information.

In 2015, CIC started gathering borrower’s credit data from banks, credit cards, cooperatives, financing institutions and other government financial institutions. The credit report will allow lenders to assess the loan 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.

CIC acts as the central registry of positive and negative credit data from different financial institutions identified as submitting entities. It has given accreditation to four credit bureaus or Special Accessing Entities: CIBI Information Corporation, Compuscan Philippines Inc., CRIF Philippines, and TransUnion Information Solutions Philippines. These SAEs provide services such as credit scores, credit ratings, portfolio reviews among others.

SVP Amor-Bautista imparted that trustworthy reputational collateral in loan applications are underway once credit reports are available to the public. She also called for the public to update their credit information to make the country’s central credit registry reliable as it was designed to be.

Good Morning Metro Manila is a weekend program of DZXL (558 KHz) Radyo Mo Nationwide of Radio Mindanao Network offering discussions on entrepreneurship. It is the flagship AM station of RMN Networks Inc..