The Credit Information Corporation (CIC), the country’s sole public credit registry and repository of credit information, will implement a new pricing scheme for its credit data used by its Accessing Entities (AEs) and Special Accessing Entities (SAEs).

A wholesale price of P20 per credit report inquiry may be availed through a pre-purchase of a minimum of one million reports annually, and a new retail price of P30 per credit report will apply for all other cases of access to the CIC database starting 1 April 2022.

Basic credit reports purchased under this new pricing scheme will have a twelve (12) month expiration period.

The new pricing scheme, as approved by the Securities and Exchange Commission (SEC) En Banc, is based on the value of the CIC’s continuously growing and improving database which contains the credit data of 30.7 million unique individuals and with well over a hundred million loan contracts.

To ease the transition, the corporation extended its current inquiry fee—a wholesale price of P10 and a retail price of P15—which was set to expire last 31 January 2022 and may be availed by AEs and SAEs until 31 March 2022.

“We would like to invite our Accessing Entities to take advantage of the current promotional pricing during this two-month transition period to maximize their use of CIC Credit Reports throughout the year,” CIC President and CEO Atty. Ben Joshua A. Baltazar said.

Credit reports purchased at the current promotional price will be valid for use until 31 December 2022.

Largest database of valuable data

The PCEO also underscored how the continued improvement of reportorial compliance of its covered entities has allowed the CIC to consolidate credit data into the single largest, most comprehensive and diverse credit database in the country. 

Likewise, the CIC has implemented various reforms to continue the data quality improvement process and develop a more effective credit reporting system such as the Data Quality and Usability Assessment (DQUA) which ensures the adequacy, accuracy, and usability of the credit data submitted to and processed by the CIC. He added that these initiatives enable access to accurate, timely, and consistent primary information directly establishing creditworthiness.

“We believe that the new credit report pricing scheme better reflects the quality and value of CIC data. This information is essential to the financial sector’s credit risk management and credit decisioning, especially amid the continuing pandemic. The CIC credit data is still the most cost-effective way for lenders to properly evaluate their borrowers,” the PCEO continued.

Almost a million credit reports were already pulled by CIC’s accessing entities and utilized for their credit-decisioning activities from 2020 to 2021, attesting to their usefulness in evaluating the financial standing of borrowers.

Additional access to credit information imminent

The CIC is also preparing to roll-out the Direct-to-Consumer (D2C) credit reports through Accessing Entities (“D2C thru AE”) initiative to provide borrowers the convenience of securing their credit report from their chosen lender. This facility will initially cover a select pilot batch of Accessing Entities and will be expanded to include more lenders throughout the year.

To know more about your credit report, inquire with your bank or other financial institution today. You may also visit the CIC website at www.creditinfo.gov.ph  or send a message at https://www.facebook.com/creditinfo.gov.ph.  

Source: Credit Information Corporation (CIC)