Individual borrowers who obtained credit reports from the credit information system (CIS) may now correct online any inaccuracy in their report.
In a statement on Monday, the Credit Information Corp. (CIC) issued a circular allowing borrowers to file disputes or corrections on any erroneous, incomplete, or outdated credit information reflected in the online report.
The CIC said Circular 2019-01, titled “Guidelines on the Online Dispute Resolution for Disputers Who Obtained Credit Reports Generated from the Credit Information System,” is part of its mandate to provide access to reliable, standardized information on credit history and financial condition of its borrowers.
“This is another milestone for the CIC because this time, borrowers are given the opportunity to dispute, correct or rectify any inaccuracies on their credit report,” CIC President and CEO Jaime Casto Jose P. Garchitorena said.
The CIC said the circular is aimed to facilitate the standardized reporting of accurate and detailed credit information given the complete requirements from disputers.
To avail of the new service, disputers must have a Credit Report-Transaction Reference Number in order to proceed with filing disputes through the CIC Online Dispute Resolution System at https://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.