CIC signs Contract with 3 more Credit Bureaus to target more Inclusive Lending

Manila, Philippines - On July 25, 2016, the Credit Information Corporation (CIC) headed by their 3 year consecutive president, Mr. Jaime Gartichorena, signed contract with three more credit bureaus anmely: CRIF Philippines, Compuscan Philippines, and CIBI Information, Inc., in accordance with the requirements stated in the SEC Memorandum Circular No. 7 Series of 2015, bringing the accredited SAEs to four.  Its goal is to make credit readily available which I know will  be a great advantage for all Filipinos.

"Six credit bureaus were provisionally accredited as SAEs by the CIC. Transunion Information Solutions, Inc. was the first to execute the Subscription Agreement with the CIC last May 5, 2016. Accreditaion of this new set of SAEs is our offer that the CIC has a viable  business model, that there is a need for credit information and other value added services in the financial sector, and that the CIC is now set to move forward with our objectives and partnerships to reonforce its virtues of making credit easily available to the public through the alliance of both credit registtry and bureau," said CIC President and CEO Jaime P. Garchitorena.

"The accreditation was also done both to assurethe quality of services that the SAEs will deliver and to change the public's perception about borrowing or utilization of credit. It is an alliance, more than a partnership, because both the CIC and the SAEs are working toward a common goal: addressing the lack of reliable credit information in the country,'' he added.

I'm sure that most of you will agree that this is going to be a big step towards the change we are expecting in our country. This is not just for big corporations or entrepreneurs, but also for ordinary people like me who aspires to have a business of my own, like fishermen who wants to grow their business. These partnerships are designed to broaden the channels of information and product distribution to make credit readily available to every Filipino. This will be a huge advantage to lenders to secure their business. 

For individuals or corporations who has some previous debts unpaid, they will be forced to pay. They will then be mindful of their credit scores for them to be enabled to apply for another loan. Loanable amount will be depending on the lenders discretion of credit scores. 

CIC is under the Securities and Exchange Commission and is supervised by the Governance Commission for government-owned and controlled corporation.

This will definitely address the need for reliable credit information about an individuals credit standing and also the track records of the borrowers and may improve the chance of loan approvals. This can help lenders like micro-financing businesses to make right decisions  in regard to loan applications.