MAKATI CITY, September 16, 2019 – As part of its mandate to provide access to reliable, standardized information on credit history and financial condition of its borrowers, the state-run Credit Information Corporation (CIC) issued Circular No. 2019-01 entitled:  “Guidelines on the Online Dispute Resolution for Disputers Who Obtained Credit Reports Generated from the Credit Information System.”

Individual borrowers who obtained credit reports from the Credit Information System (CIS) — either directly from CIC or from any of its accredited credit bureaus referred to as special accessing entities — may file disputes or corrections on any erroneous, incomplete, or outdated credit information reflected in the report online. “This is another milestone for the CIC because this time, the borrowers are given the opportunity to dispute, correct, or rectify any inaccuracy on their credit report,” CIC President and CEO Jaime Casto Jose P. Garchitorena shared.

The said credit information are provided by the entities including but are not limited to, banks, cooperatives, microfinance institutions, and government financial institutions with lending facilities, that are submitting positive and negative credit data to the CIC pursuant to R.A. No. 9510 or the “Credit Information System Act.” Disputers must have a Credit Report-Transaction Reference Number (CR-TRN) in order to proceed with filing disputes through the CIC Online Dispute Resolution System (ODRS) at http://www.creditinfo.gov.ph/dispute/.

“Through this platform, there is no need for any face-to-face interaction with the CIC or with the lender,” Garchitorena added. Disputes are classified in the circular as simple, complex, or highly technical, depending on the number of working days the resolution will take. The circular is hoped to facilitate the standardized reporting of accurate and detailed credit information given the complete requirements from disputers.

A full copy of the circular may be downloaded from the CIC website.