Credit Information Corporation

The Credit Information Corporation (CIC) is a government-owned and controlled corporation providing credit information in the Philippines.

CIC was created in 2008 by virtue of Republic Act. No. 9510, otherwise known as the Credit Information System Act (CISA). Source : http://www.creditinfo.gov.ph/ ^{[1] [2] [3] [4]}

History

The Republic Act No. 9510, otherwise known as the Credit Information Systems Act (CISA Law) of 2008 prescribed the powers and functions of the Credit Information Corporation (CIC) whose primary mandate is to establish a comprehensive and centralized credit information system for the collection and dissemination of fair and accurate information relevant to, or arising from, credit and credit-related activities of all entities participating in the financial system.

Goals and Strategy

To collect, collate and disseminate credit information.

These credit information are collected from various sources such as banks, financial institutions, insurance companies, financing companies, credit cooperatives, as well as utility companies and other businesses that extend loans. The CIC compiles these credit information to help creditors evaluate the ability of prospective and existing customers to pay.

Accredited Credit Bureaus

CIC announced the first six credit bureaus in the Philippines last 13 March 2016. The accredited credit bureaus are consist of five international firms and one local credit bureau. ^[5]

Local Firms

• CIBI Information, Inc.

Also known as CIBI, formerly known as Credit Information Bureau, Inc., is historically the first credit bureau in the Philippines. CIBI started as a quasi government body under the Central Bank of the Philippines to initiate a credit information exchange system in the Philippines. In 1982, CIBI was founded and established through the power of Presidential decree 1941 and was created under Central Bank of the Philippines, now Bangko Sentral ng Pilipinas (BSP); the Securities and Exchange Commission (SEC) and the Financial Executives Institute of the Philippines (FINEX). ^[6]

In 1997, Credit Information Bureau, Inc. was incorporated into a private entity and became CIBI Information, Inc. At present, CIBI is a provider of information and intelligence for business, credit and individuals. The company also supplies compliance reports before accrediting suppliers, industry partners and even hiring professionals.

International Firms

• TransUnion Philippines

A local office of a Chicago-based firm which recently partnered with banks in the Philippines in 2011. ^[7]

• Compuscan of South Africa

Compuscan is a certified level three Broad-Based Black Economic Empowerment (BBBEE) contributor with the additional status of been a value added supplier. ^[8]

• CRIF of Italy

Established in 1988, CRIF specialized in credit information systems, business information and credit management solutions.

References