The Credit Information Corporation (CIC) is a

government-owned and controlled corporation In the Philippines, a government-owned and controlled corporation (GOCC; ), sometimes with an "and/or", is a state-owned enterprise that conducts both commercial and non-commercial activity. Examples of the latter would be the Government Service I ...

(GOCC) that operates a credit information system in the Philippines. It was established in 2008 through the Credit Information System Act (CISA) to develop a centralized and comprehensive system for collecting and disseminating accurate and fair information related to credit and credit-related activities of all entities participating in the financial system. Credit information is collected from various sources, including banks, financial institutions, insurance companies, financing companies, credit cooperatives, utility companies, and other businesses that extend loans. The CIC compiles this information to help creditors assess the creditworthiness of borrowers. The credit information system is designed to directly address the need for reliable credit data on borrowers. It aims to significantly improve the availability of credit—particularly for micro, small, and medium enterprises (MSMEs)—make credit more cost-effective, and reduce reliance on collateral to secure credit facilities. An efficient credit information system also enables financial institutions to lower overall credit risk, contributing to a healthier and more stable financial system. By law, credit information must be provided to all participants at minimal cost. The CIC is also mandated to ensure the protection of consumer rights and to uphold fair competition in the industry at all times.

Credit Information System Act

The Credit Information System Act of 2008 (Republic Act No. 9510), also known as CISA is the act establishing Credit Information Corporation.

Accredited Credit Bureaus

On March 13, 2016, the CIC announced the accreditation of the first four credit bureaus, three international firms and one national credit bureau. * CIBI Information, Inc., also known as CIBI, formerly known as Credit Information Bureau, Inc., is the first

credit bureau A credit bureau is a data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit report ...

in the Philippines. In 1982, the CIBI started as a quasi-government body to initiate a credit information exchange system in the Philippines under the

Central Bank of the Philippines The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-established on July 3, 1993 pursuant to the provision of Re ...

, the

Securities and Exchange Commission The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...

(SEC), and the Financial Executives Institute of the Philippines (FINEX). 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. Marlo R. Cruz is the current President and CEO of CIBI. * TransUnion Philippines is a local office of

TransUnion TransUnion LLC is an American consumer credit reporting agency. TransUnion collects and aggregates information on over one billion individual consumers in over thirty countries including "200 million files profiling nearly every credit-active co ...

that has partnered with banks in the Philippines in 2011. * Compuscan Philippines was licensed in October 2015 as Compuscan Philippines Inc., a subsidiary of

Compuscan Compuscan is a South African credit bureau that provides consumer and commercial credit information within South Africa and other African nations. History Founded in 1994 and headquartered in Stellenbosch, South Africa, Compuscan is a subsi ...

, as a Special Accessing Entity (“SAE”). Compuscan Philippines Inc. currently operates from Manila, Philippines. * CRIF of Italy was established in 1988 and it specializes in credit information systems, business information and credit management solutions.

References

{{authority control Government-owned and controlled corporations of the Philippines Financial services companies established in 2008 2008 establishments in the Philippines Credit rating agencies Economic history of the Philippines Presidency of Gloria Macapagal Arroyo

Credit Information System Act

Accredited Credit Bureaus

See also

References