MAKATI CITY, 16 July 2018 – Another batch of submitting entities (SEs) completed a whole day technical compliance workshop spearheaded by Credit Information Corporation. In compliance to Republic Act No. 9510 or the Credit Information System Act, CIC guided various banks, cooperatives, financing institutions and individuals to the procedures and requirements in realizing the Philippines’ first central credit registry.

As an initial step, Atty. Patrice Jamaine Barron said the borrowers should be formally notified that their credit information will be submitted to CIC. The collected credit data, both positive and negative, shall be consolidated in a credit report.  A credit report contains basic credit information such as name, address, TIN, SSS or GSIS numbers, employer, business, loan contracts and other obligations with lending institutions.

In the process of obtaining a loan or service, the credit report will allow the lender to assess the application in a fair and objective manner. Generally, people with good payment record may receive lower interest rates or no collateral.

Mr.  Jose Gil Escalante Jr. of the CIC IT Team gave an overview on how CIC gathers and collates the data submitted by SEs. He emphasized that the financial institutions should regularly submit to CIC on a specified common data format. The whole afternoon was allotted to learning various procedures and requirements in the collection and submission of data.

CIC organizes the technical compliance workshop upon request through landline (02)-236-5900 or at email events@creditinfo.gov.ph.