CIC invites public to get credit report

THE Credit Information Corporation (CIC)—the country’s central credit registry and repository of credit information—officially opens its doors to Filipino borrowers who would like to obtain a copy of their CIC Credit Report.

An individual’s CIC Credit Report—should they have prior or current credit exposures—contains consolidated positive and negative credit data and other relevant information as submitted by the financial institutions they deal with. The report will reflect basic personal information, government-issued IDs, address(es) and contact details, detailed financial contracts, and credit card(s) records, among others. If an individual has no credit exposures, the report will contain a statement reflecting the absence of such.

In aligning with the government’s aim to conveniently deliver services to the general public, the CIC has implemented the first phase of accessing their credit reports by allowing interested individuals to book an appointment online through the CIC Online Appointment Scheduler (“CICOAS”) with the link: http://www.creditinfo.gov.ph/appointment/.

Security of credit data

While the appointments are created online, personal appearance at the CIC office in Makati City is still required to get the CIC Credit Report in order to ensure the security of the borrower’s data.

Upon on-site payment of the P55 fee (vat-inclusive), the requestor will receive the CIC Credit Report on the same day via e-mail.

“We are dealing with sensitive personal information, and validating the identity of a requestor is of utmost importance to avoid identity theft and other privacy concerns,” CIC President and Chief Executive Officer Jaime Casto P. Garchitorena explained.

Nevertheless, he also emphasized the need to have the CIC Credit Report accessible to the general public regardless of location: “Rest assured that we are working on achieving this without sacrificing the security of credit data. In the works is an online ‘Know Your Client’ (KYC) application that will allow the general public to get their CIC Credit Reports and Credit Scores online.”

Online dispute resolution

Aside from ease of access to an individual’s Credit Report, the CIC has also developed an Online Dispute Resolution Process (ODRP). This is in recognition of the borrower’s rights to dispute any incorrect/inaccurate information on the CIC Credit Report, as reflected in Circular No. 2019-01 entitled: “Guidelines on the Online Dispute Resolution for Disputers Who Obtained Credit Reports Generated from the Credit Information System” which took effect on Sept. 13, 2019.

In order to assure that disputes received have factual basis, a dispute must be based on a CIC Credit Report no more than 30 days old. The CIC Credit Report will contain a unique Credit Report-Transaction Reference Number (CR-TRN) that will validate the dispute and be the key to proceed with online filing.

With the needed TRN, the CIC Online Dispute Resolution System (ODRS) can be accessed at http://www.creditinfo.gov.ph/dispute/.

While still in its early stages, the online initiatives of the CIC—from online submission of credit data by CIC-covered entities, to the soon to be available online access to credit reports and credit scoring from CIC-accredited credit bureaus or Special Accessing Entities (SAEs) and the implementation of the ODRP—are designed to deliver CIC services to the general public in compliance with the ease of doing business principles, as well as assure that when the systems are completed and integrated, CIC Credit Reports will be made available to Filipinos anytime and anywhere. (PR)

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