MAKATI CITY, 04 July 2018 – DZRJ’s Insider Exclusive Kapihan hosted by veteran announcer Rey Langit introduced the Credit Information Corporation (CIC) through Senior Vice President for Business Development and Communications Group, Atty. Aileen L. Amor-Bautista.  The one hour teleradio show similarly featured Party-list Representative Aniceto Bertiz of ACTS OFW and Director Edgar Posadas of Civil Defense Office on Wednesday 4 July 2018.

Apart from the mandate of Republic Act No. 9510 or the Credit Information Systems Act (CISA), Atty. Amor-Bautista explained that the reliability of the quality of information in CIC’s database depends on the quality of data submitted to them.  She emphasized that the more complete and accurate data the financing institutions submit, the more effective a public credit registry would be. Hence, everyone is encouraged to update their information (address, mother’s maiden name, TIN/ SSS/ GSIS nos.) with their banks or with any other financing institutions where they have loan transactions or cable, postpaid mobile subscriptions. These institutions will then submit the positive and negative credit data to CIC as required by the law.

Atty. Amor-Bautista also clarified the difference between a credit registry and a credit bureau, mentioning that the CIC is a credit registry authorized to accredit credit bureaus who could then provide credit scores or bureau scores. With the existence of a centralized credit registry, having both positive and negative data, bureau scores can now finally be introduced in the Philippines for simpler loan approval process resulting to minimal interest rates. Bureau scores are said to be highly predictive measures of future repayment which other developed economies are also using.  

Credit Information Corporation (CIC), a government-owned and-controlled corporation created through Republic Act No. 9510, otherwise known as the Credit Information Systems Act (CISA) aims to establish a comprehensive and centralized database for the collection and dissemination of fair and accurate information relevant to, or arising from, credit and credit-related activities of all entities.