Exchange Corner Building, Legaspi Village, Makati City
Agency executive
ATTY. BEN JOSHUA A. BALTAZAR, President and CEO
Parent agency
Department of Finance
Website
http://www.creditinfo.gov.ph
The Credit Information Corporation (CIC) is a government-owned and controlled corporation providing credit information system in the Philippines. It was created in 2008 by the Credit Information System Act (CISA) to construct a centralized, comprehensive credit information system for the collection and dissemination of accurate and fair information relevant to, or arising from, credit and credit-related activities of all entities participating in the financial system.[1][2][3][4][5] This credit information is to be 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 this credit information to help creditors evaluate the ability of borrowers to pay.
The credit information system is intended to straightforwardly address the need for dependable credit information of borrowers and is supposed to significantly improve the overall availability of credit especially to micro, small and medium-scale enterprises; to make credit more cost-effective; and to reduce the dependence on collateral to secure credit facilities.[6] An efficient credit information system is also supposed to enable financial institutions to reduce their over-all credit risk, contributing to a healthier and more stable financial system.[7]
By law, the credit information should be provided at the least cost to all participants and the CIC should ensure the protection of consumer rights and the existence of fair competition in the industry at all times.
^"Frequently Asked Questions". creditinfo.gov.ph. Retrieved October 5, 2015.
^"Rural banks back MSME, credit information system". The Manila Times. March 9, 2016. Retrieved April 22, 2019.
^Galolo, Jeandie O. (January 28, 2016). "Credit industry to gain from operation of national credit information system". SunStar.
^"Rural banks back Credit Information System". The Manila Times.
^"BusinessWorld - Credit bureau fully operational by 2015". BusinessWorld. Retrieved October 5, 2015.
^"CO-OPS to follow CISA Law, June 16". cibi.com.ph. Retrieved October 5, 2015.
^"Bankers welcome new credit law". cibi.com.ph. Retrieved October 5, 2015.
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