CREDIT Information Corp. (CIC) will allow access to credit reports through financial institutions to streamline the process, its chairman said.
“This will expedite the process of obtaining a credit report which is currently only available through CIBI Information, Inc., one of our accredited credit bureaus,” said CIC President and CEO. , Ben Joshua A. Baltazar, in a statement.
The offering is expected to begin this quarter.
Once operational, Access Entities can access the CIC database or access credit reports through accredited credit bureaus such as CIBI Information, Inc. CRIF Philippines and TransUnion Information Solutions Philippines. These financial institutions can then provide the credit reports to their customers.
The move will be in line with the findings of a survey carried out last year, which showed that more than 50 CIC access entities want to allow their customers to directly access credit reports through them. These include banks, leasing companies, private finance companies, microfinance companies, as well as a government financial institution.
CIC is in discussions with financial institutions to develop an efficient process for issuing credit reports to customers.
Disputes over erroneous, incomplete or outdated credit data can be submitted by consumers to financial institutions’ online resolution process system, the CIC said.
“In addition to sparking new consumer interest in their institution – whether physically or virtually – this initiative is a way for our access entities to engage their customers during this pandemic,” Mr. Baltazar said.
There are 130 financial institutions authorized to access basic credit data from CIC as of December 28. Meanwhile, 662 institutions submit data to the agency.
In August 2021, CIC adopted a wholesale pricing system for financial institutions that use the agency for credit reports. — LWTN