MAKATI CITY, 11 September 2023 - State-owned Credit Information Corporation (CIC), governed and supervised by the Securities and Exchange Commission (SEC), opens its application for new Special Accessing Entities (SAEs).
“We want to create a more competitive environment that aligns with our inclusive mandate – encouraging non-bank lenders to avail of services from our SAEs, as well as enabling MSMEs and individual borrowers direct access to their credit reports,” the President and Chief Executive Officer (PCEO) Ben Joshua A. Baltazar said in an interview with ANC’s Business Outlook.
SAEs or accredited credit bureaus refer to duly accredited private corporations engaged primarily in the business of providing credit reports, ratings, and other similar credit information products and services.
Guidelines for accreditation of new SAEs
In line with CIC Circular No. 02, series of 2023 or “Revised Standards and Rules for Accreditation of Special Accessing Entities to the Credit Information System,” the application is open to domestic and foreign entities seeking to establish and operate as an SAE. The 30-day application will start today, 11 September 2023 until 11 October 2023.
Upon submission of documentary requirements, the CIC Technical Working Group shall assess the qualifications of applicants taking into account its financial resources, technical expertise, and reputation to operate as or form an SAE. All applications shall be approved or denied by the CIC Board of Directors.
“Through this development, we are looking forward to creating a more inclusive financial ecosystem to develop better credit reporting and credit scoring services, as well as increase availability of more diverse and robust credit data that can be accessed at a reasonable price to benefit both lenders and borrowers,” the CIC PCEO shared.
Interested applicants may send their application or further inquiries to: nsae-secretariat@creditinfo.gov.ph.
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This press release was also featured in Journal Online, Manila Bulletin, and Business Information Industry Assocation (BIIA).