PASIG CITY, 23 July 2018 – Updating of credit records is one of the usual concerns raised by most borrowers from their lenders, according to Atty. Aileen L. Amor-Bautista, SVP for Business Development and Communications in the recent interview with Mr. Lemuel R. Reunir of Ahensya de Konsensya 702 DZAS.

Updating of credit records would not only help in making the credit report more credible and reliable once the system has fully launched, but it will also help OFWs who would like to acquire credit facility abroad. The SVP said that Filipinos abroad are having difficulty in acquiring loan because the comprehensive credit report has not been established yet in the Philippines.

Atty. Amor-Bautista emphasized the importance of credit infrastructure in the economic growth of the Philippines.  Transparency between lenders and borrowers would be possible through the existence of credit registry as it can provide both negative and positive credit data which lenders may utilize to determine the creditworthiness of the borrower.

It would also aid in slowly establishing reputational collateral or good payment behavior of a borrower, instead of the current practice that depends on the negative credit data accumulated by the borrower. It is expected that soon enough, Filipinos would refrain from acquiring loan sharks which offer high interest rates butconsequently to obtain loan from formal lending institutions.

Maintaining Good Credit Payment Record

The SVP for Business Development and Communications advised that borrowers should be disciplined in paying on time their loan obligations for this will be reflect in their credit report.  However, she clarified that after three years that the loan has been settled, it will no longer reflect on the credit report.

Atty. Amor-Bautista also explained that only the borrower, the lender and the Special Accessing Entities (SAEs) or Accredited Credit Bureaus can have access to the credit report however a consent from the borrower is required to gain access on their credit report.

DZAS is under FEBC Philippines airing evangelistic and public service programs for 66 years. Through on-line streaming, the broadcast also strengthens connection with the Filipinos abroad, especially the OFWs.