Credit Information Corporation#Credit Information System Act
{{Use mdy dates|date=May 2025}}
{{Use Philippine English|date=November 2022}}
{{Infobox government agency
| agency_name = Credit Information Corporation
| nativename = Korporasyon para sa Impormasyon ng Utang
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| logo =
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| seal = Credit Information Corporation (CIC).svg
| seal_width = 200px
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| formed =
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| superseding =
| jurisdiction = Credit Registry
| headquarters = Exchange Corner Building, Legaspi Village, Makati
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| employees =
| chief1_name = Ben Joshua A. Baltazar
| chief1_position = President and CEO
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| chief2_position =
| parent_agency = Department of Finance
| child1_agency =
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| website = {{url|http://www.creditinfo.gov.ph}}
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The Credit Information Corporation (CIC) is a government-owned and controlled corporation (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.{{Cite web |title=Frequently Asked Questions |url=http://creditinfo.gov.ph/frequently-asked-questions |access-date=October 5, 2015 |website=creditinfo.gov.ph}}{{Cite news |date=March 9, 2016 |title=Rural banks back MSME, credit information system |url=https://www.manilatimes.net/rural-banks-back-msme-credit-information-system/249381/ |access-date=April 22, 2019 |work=The Manila Times |language=en}}{{Cite news |last=Galolo |first=Jeandie O. |date=January 28, 2016 |title=Credit industry to gain from operation of national credit information system |url=https://www.sunstar.com.ph//article/55233/Sports/Credit-industry-to-gain-from-operation-of-national-credit-information-system |work=SunStar}}{{Cite news |title=Rural banks back Credit Information System |url=https://www.manilatimes.net/2015/09/02/business/rural-banks-back-credit-information-system/215407/ |work=The Manila Times}}{{Cite news |title=BusinessWorld - Credit bureau fully operational by 2015 |url=http://www.bworldonline.com/content.php?section=Finance&title=Credit-bureau-fully-operational-by-2015&id=89811 |access-date=October 5, 2015 |work=BusinessWorld |archive-date=July 1, 2018 |archive-url=https://web.archive.org/web/20180701135856/http://www.bworldonline.com/content.php?section=Finance&title=Credit-bureau-fully-operational-by-2015&id=89811 |url-status=dead }}
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.{{Cite web |title=CO-OPS to follow CISA Law, June 16 |url=http://cibi.com.ph/?q=news-and-events/co-ops-follow-cisa-law-june-16 |access-date=October 5, 2015 |website=cibi.com.ph}} An efficient credit information system also enables financial institutions to lower overall credit risk, contributing to a healthier and more stable financial system.{{Cite web |title=Bankers welcome new credit law |url=http://www.cibi.com.ph/?q=news-and-events/bankers-welcome-new-credit-law |access-date=October 5, 2015 |website=cibi.com.ph}}
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.{{cite web|url=http://www.creditinfo.gov.ph/sites/default/files/downloads/RA%209510.pdf |title=Info |publisher=www.creditinfo.gov.ph |date= |accessdate=December 22, 2019}}{{cite web|url=http://www.ctb.com.ph/wp-content/uploads/2010/05/irr-cisa.pdf |title=Data |publisher=www.ctb.com.ph |date=2010 |accessdate=December 22, 2019}}
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.{{cite news|work=BusinessMirror|url=https://businessmirror.com.ph/2016/03/14/cic-accredits-six-special-access-entities/|title=CIC accredits six 'special access entities' | Bianca Cuaresma|first=Bianca|last=Cuaresma|date=March 14, 2016}}
- CIBI Information, Inc., also known as CIBI, formerly known as Credit Information Bureau, Inc., is the first credit bureau 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 Securities and Exchange Commission (SEC), and the Financial Executives Institute of the Philippines (FINEX).{{cite web|url=http://cibi.com.ph/?q=about-cibi/our-company |title=Consumer and Bureau Credit Score in the Philippines | CIBI Information, Inc |publisher=Cibi.com.ph |date=March 14, 2016 |accessdate=December 22, 2019}} 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 that has partnered with banks in the Philippines in 2011.{{cite news|url=https://business.inquirer.net/11703/5-banks-set-up-credit-bureau-to-keep-track-of-good-bad-borrowers|title=5 banks set up credit bureau to keep track of good, bad borrowers|first=Doris C.|last=Dumlao|newspaper=Philippine Daily Inquirer}}
- Compuscan Philippines was licensed in October 2015 as Compuscan Philippines Inc., a subsidiary of Compuscan, as a Special Accessing Entity (“SAE”). Compuscan Philippines Inc. currently operates from Manila, Philippines.{{cite news|url=https://news.abs-cbn.com/business/03/14/16/philippines-oks-6-credit-bureaus|title=Philippines OKs 6 credit bureaus|first=Michelle|last=Ong|work=ABS-CBN News}}{{cite web|url=http://www.creditinfo.gov.ph/sae|title=Accredited Credit Bureaus}}
- CRIF of Italy was established in 1988 and it specializes in credit information systems, business information and credit management solutions.