Bank of Commerce Now a CIC Accessing Entity

The Credit Information Corporation (CIC), the country’s public credit registry and repository of credit information, recently onboarded Bank of Commerce as an Accessing Entity (AEs).

AEs are financial institutions authorized by the CIC to access borrowers’ credit reports from its database. Similar to other AEs, Bank of Commerce now has ready access to borrowers’ comprehensive credit reports which helps in expediting the granting of loans to its consumers.

“We are pleased to welcome another universal bank as they join our ranks of financial institutions harnessing the CIC database for their risk management and credit-decisioning activities. The Bank of Commerce can now tap into the country’s most comprehensive credit database, with over 38.5 million unique data subjects and over a hundred thousand contracts in the Credit Information System,“ CIC President and CEO Ben Joshua A. Baltazar.

About Bank of Commerce

Bank of Commerce, a universal bank, traces its origins to the Overseas Bank of Manila, established in Binondo, Manila in 1963. In December 2020, the Intellectual Property Office (IPO) granted the copyright license for “BankCom” as the Bank’s official short name.

An affiliate of San Miguel Corporation (SMC), BankCom is licensed to provide a wide range of financial products and services: deposits, cash management/solutions, payments, lending, asset management, bancassurance, investment banking, foreign exchange and securities trading. The Bank has a network of 140 branches and aims to deploy more automated teller machines (ATMs) in addition to its latest fleet of 259.

According to BankCom, access to the CIC database can be utilized as reference to gauge borrowers’ financial behavior as it contains a summary of financial transactions from financial institution(s) from which a borrower has an account.

For financial institutions interested in becoming an AE, they may send an email to access@creditinfo.gov.ph  and follow the official Facebook page of CIC for latest updates and issuances.

Fast Track Programs for lenders and consumers

In an effort to further drive CIC Credit Report utilization by lenders, the CIC recently released its Fast Track Registration Program – allowing qualified financial institutions to proceed with AE registration even with only one (1) month of basic credit data submission to the CIC – in contrast to the regular AE registration requiring six (6) months’ worth of credit data.

Moreover, the CIC PCEO also enjoins borrowers to request for a copy of their CIC Credit Reports through its Direct to Consumer (D2C) thru AE Program which enables them to get a copy of their own credit report through financial institutions where they have an active account.

“The end of the year is fast approaching and what better way to start the new one by becoming more informed of our credit standing. Access to our credit report empowers us to become mindful of our credit payment behavior.  The CIC is really the better way to borrow as it helps us access more and better financial products and services offered by various financial institutions,” PCEO Baltazar ended.

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.

Source:  Credit Information Corporation (CIC)