MAKATI CITY, 08 April 2022 – To provide Filipino borrowers with ready and immediate access to credit information – the Credit Information Corporation (CIC), is rolling out its “Direct to consumer thru AE (D2C) program”. This program enables an individual to access their CIC Basic Credit Report through select Accessing Entities (AEs), such as banks and other lending institutions. These AEs are financial institutions authorized by the CIC to access borrowers’ credit information from its database.
Starting 11 April 2022, the CIC Basic Credit Report may be applied for from the following AEs who will form the pilot batch of the D2C program: CreditAccess Philippines Financing Company, Inc., Enterprise Bank, Paramount Life and General Insurance, Prime Global Finance Corporation (PG Finance), Rizal Commercial Banking Corporation (RCBC), Rural Bank of Guinobatan, San Dionisio Credit Cooperative, Sumisho Motor Finance Corporation, Welcome Finance, and Yuanta Savings Bank Philippines, Inc.
“Through the D2C program, we will provide Filipino borrowers the convenience of accessing their credit reports through their preferred lending institutions who are AEs of the CIC and likewise strengthen the mandate of the agency as the country’s sole public credit registry,” President and CEO Ben Joshua A. Baltazar explains as the rationale behind the program.
Advantages and mechanics of D2C access
With the program in place, the CIC expects that this will improve credit-decisioning and also allow financial institutions to re-engage with their clients to update their personal information, discuss new products and services, address their needs, and provide financial advice, among others.
AEs may provide the CIC Basic Credit Reports by directly accessing the CIC database or through their selected Special Access Entity (SAE), which are CIC’s accredited credit bureaus.
CIC has been coordinating with various AEs since it announced its D2C plan early this year to ensure that stringent internal procedures are in place to ensure a safe and efficient process in providing greater access to the CIC Basic Credit Reports for the borrowing public.
In case D2C customers find any outdated, incomplete, or erroneous information or credit data in their Credit Reports, they can promptly resort to the CIC’s Online Dispute Resolution System (ODRS) to report and update their information.
“We look forward to including more AEs as we roll out this service of providing credit reports directly to Filipino borrowers. In turn, this will facilitate better and wider credit services through the maintenance of their good credit standing,” the PCEO Baltazar added.
Further details on the D2C program mechanics, especially on how to get a copy of your CIC Basic Credit Report through AEs will be posted on the agency’s official Facebook page and website.
If your preferred financial institution is not included in the pilot batch, please inquire with them to find out their roll-out schedule.
For financial institutions interested in becoming an AE to the CIC, they may send an email to access@creditinfo.gov.ph.
This press release was also featured in Journal Online, Business Information Industry Association (BIIA), and Manila Insight.