CIC, SEC TO CONDUCT FINANCIAL LITERACY WEBINAR ON PROHIBIT UNFAIR DEBT COLLECTION PRACTICES, INTEREST RATE CAPS FOR LENDING, FINANCING COMPANIES, ONLINE LENDING APPS
MAKATI CITY, 09 August 2023 – The Credit Information Corporation (CIC), the country’s sole public credit registry and repository of credit information, in partnership with the Securities and Exchange Commission (SEC), will host a webinar series titled
“#UTANG101: CIC CreditReport and combating abusive debt collection practice,”
on 18 August and 15 September 2023
The event will tackle various laws and SEC issuances related to: financial products and services, consumer protection, and interest rate ceilings pursuant to SEC Memorandum Circular No. 3, Series of 2022. It will also cover the rights and responsibilities of borrowers and lenders, as well as the importance of CIC Credit Report in improving one’s creditworthiness and access to finance.
“The CIC and SEC continue to intensify their financial literacy campaign to educate borrowers so that they can make informed decisions in their transactions with lending entities, especially online lending apps. This is because unregistered lenders resort to abusive debt collection practices such as the use of threats and intimidation, as well as the unlawful processing and use of borrowers’ personal data,” CIC President and CEO Ben Joshua A. Baltazar said.
In July, the SEC released an order mandating all financing and lending companies operating online lending platforms (OLPs) to register with the CIC to submit the basic credit data of their borrowers. Registration with CIC consequently makes lending firms eligible to access the CIC database so that their credit-decisioning and pricing plan of their loan products and services are driven by data on their borrowers’ established credit track record as reflected in their CIC Credit Report.
“We highly encourage all borrowers to urge your lenders to register with CIC in accordance with Republic Act No. 9510 or the Credit Information System Act, and to regularly submit your credit data to CIC. This will help you build your credit standing and in turn will greatly improveyour access to loans with lower interest rates as well as higher loan amounts to enable your attainment of financial goals and needs,” the PCEO said.
R.A. No. 9510 mandates all institutions providing credit facilities to submit their borrowers’ basic credit data to the CIC, which the CIC consolidates into a comprehensive credit report.
“The CIC would like to emphasize that responsible borrowing also about knowing your rights, proactively safeguarding your personal data, immediately reporting erring or illegal entities to the proper authorities, helping other borrowers be wary against such, and making credit work for you through leveraging your CIC Credit Reports,” the PCEO said.
Be #creditworthy with the CIC Academy
The upcoming webinar will feature CIC Attorney III Phillip Gerald Fulgueras and SEC Assistant
Director Kenneth Joy A. Quimio as resource speakers.
CIC Academy is our nationwide flagship educational program for raising awareness on the credit information system, promoting financial education and literacy, as well as encouraging responsible borrowing.
Follow the official Facebook page of CIC or email us at communications@creditinfo.gov.ph for the latest information and updates on CIC’s activities and events.
The Credit Information Corporation (CIC), a government-owned and controlled corporation, was created by Republic Act No. 9510, otherwise known as the Credit Information System Act (CISA). The primary mandate of CIC is to establish a comprehensive and centralized credit information system for the collection and dissemination of fair and accurate information relevant to, or arising from, credit and credit-related activities of all entities participating in the ecosystem.
