THE Credit Information Corp. is looking to enable the issuance of individual CIC Credit Reports through financial institutions authorized to access the CIC’s database.
In a survey conducted in the fourth quarter of 2021, over 50 of the CIC’s so-called “accessing entities,” an insurance company and a government financial institution (GFI) signified interest to enable their clients to directly access the CIC Credit Reports through them.
Aside from insurance firms and GFIs, “accessing entities” include rural banks, leasing companies, private financing corporations, thrift banks, microfinance enterprises and universal banks.
“We expect the direct-to-consumer [DTC] credit reports to further strengthen the agency’s mandate to provide Filipinos with immediate access to their credit information,” CIC President and CEO Ben Joshua A. Baltazar said. “This will also expedite the process of getting a credit report which is currently available only through CIBI Information Inc., one of our accredited credit bureaus.”
Baltazar said access to CIC Credit Reports, especially during this pandemic, provides improved credit-decisioning and allows for an opportunity for accessing financial institutions to re-engage with their clients on the matter of creditworthiness and lending.
“Apart from driving fresh consumer interest to their institution—be it physically or virtually—this “DTC through AE” initiative is an avenue for our AEs to engage their clients during this pandemic,” the CIC CEO said.
Under the CIC’s plan, financial institutions, on behalf of their clients, may provide credit reports by directly accessing the CIC database or through their preferred Special Accessing Entity (SAE) or CIC’s accredited credit bureaus: CIBI Information, Inc.; CRIF D-B Philippines Inc.; and, TransUnion Information Solutions Philippines Inc.
Financial institutions are now also being consulted on implementing appropriate internal procedures to ensure a safe and efficient process when issuing CIC Credit Reports to their individual clients.
CIC said the plan is expected to be rolled out in the first quarter of this year.