MANILA - "Your identity is your creditworthiness," said Credit Information Corporation (CIC) President and CEO Jaime P. Garchitorena as a reminder to the public to keep their TIN, SSS, and GSIS ID numbers away from credit-related fraud.
The Value of Your ID Numbers
“In the past, these numbers had little value to us, except during cases when we needed to identify ourselves to the agency that supplied the number or sign any logbook that required us to produce an official government ID. Now, however, many companies use at least one of these ID’s as a primary identifier when we apply for a loan. This is the reason we have to closely guard our TIN, SSS and GSIS numbers.”
He added, “If we protect the passwords of our e-mails and social media accounts such as Facebook, Twitter etc., then we should also protect our TIN, SSS and GSIS numbers just as vigorously, if not more so.”
Garchitorena noted how lightly Filipinos treat the value of government-issued identifying numbers. “Unfortunately, there are companies which are requiring their employees to indicate TIN, SSS and GSIS numbers at the back of their company’s IDs alongside emergency contact details. Everyone must be aware that it is not safe to include these numbers in the company’s ID anymore. If the company ID is lost, this could provide an opportunity for those with fraudulent minds to perform illegal transactions under the name of that employee using his identification numbers.”
Identity Theft in the Philippines
Identity theft is not uncommon in the Philippines.
In February last year, a public-school teacher, Mark Joseph Lontok, became a victim of identity theft after posting his Professional Regulation Commission (PRC) ID on his Facebook account. This led to Lontok being saddled with eight hundred thousand pesos in loans from three banks that he did not even apply for.
The CIC CEO advised everyone to closely guard their respective TIN, SSS and GSIS numbers and be very selective in using and disclosing these numbers.
“Ideally, one must use these numbers only with the agencies that issued these numbers, or with institutions that have very high levels of security, such as banks and other financial institutions. I would advise everyone to please do not, and I really mean do not use these numbers on unsecured transactions such as building entrance logbooks and other similar recording purposes. In cases when one is asked for some formal type of government ID, it is advisable to just use other government-issued ID’s such as Driver’s License or Voter’s ID.”
The Credit Information System's Mandate
Garchitorena heads CIC, a government-owned and-controlled corporation that was set up following the creation of Republic Act No. 9510, otherwise known as the Credit Information Systems Act (CISA).
The CIC’s primary mandate is to establish a comprehensive and centralized credit information system for the collection and dissemination of fair and accurate information relevant to, or arising from, credit and credit-related activities of all entities participating in the ecosystem.
Similarly, the submission of credit data by SSS and GSIS to the CIC is relevant in assisting MSMEs in gaining access to credit. Financial inclusion, including promotion of the MSME sector, is a top priority of the Duterte administration.
According to Garchitorena, “Given the national government’s plans to push for the development of the MSME sector, we are also mandated to provide credit data that will facilitate their access to credit. Capturing the loan data of the SSS and GSIS will enable the CIC to do just that. With their data in the CIC database as mandated by law, MSMEs will now be able to use their credit history as a leverage for loans for their business.”
This year, CIC plans to launch an intensive educational campaign called “Getting Ready for Credit” in order to get the Philippines ready for the benefits of a centralized credit registry.