Did you know that there is an act in the Philippines that allows credit information of an individual to be collected through a centralized credit-information system? Credit Information Corporation (CIC) was created to construct a centralized, comprehensive credit information system for the collection and dissemination of accurate and fair information relevant to, or arising from, credit and credit-related activities of all entities participating in the financial system.

What is Basic Credit Data?
Both positive and negative credit information provided by a borrower to the lender when applying for a loan.

What will happen to my Credit Data after I apply for a loan?
The credit report will be collected by the Credit Information Corporation as per compliance with Republic Act No. 9510 or Credit Information System Act.

What does Credit Rating mean?
According to Investopedia, a credit rating is a quantified assessment of the creditworthiness of a borrower in general terms or with respect to a particular debt or financial obligation.

What is included in my Basic Credit Data?
The basic credit data includes name and basic personal information, address, contact details, detailed credit facilities and credit history.

Who can access my credit report?
According to CIC, this will be limited only to the borrower and the financial entity you are transacting with.

What are the benefits of having a credit report?
Your credit report will allow the lender or service provider to assess your application in a fair and objective manner.

What can cause a negative credit report?

  1. Unpaid taxes, loan or etc.
  2. No data or default
  3. Late payments

How can I create a good credit report for myself?

  1. Pay your dues earlier or before the due date.
  2. Avoid unnecessary loan application
  3. Beware of loan sharks
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