Recently the state-owned Credit Information Corporation (CIC) of the Philippines has granted the accreditation of three credit bureaus and hopes to complete the application of two more entities in the next two months.
In a briefing, Jaime Garchitorena, CIC president and chief executive said they have accredited CRIF Philippines (Italy) which was announced in May, Compuscan Philippines (South Africa) and CIBI Information Inc. as their special accessing entities (SAEs).
Apart from the new three credit bureaus, Garchitorena said CIC is also processing the accreditation Credit Bureau of Singapore and Dun and Bradstreet (US), which is seen to be finished in August or early September. To date, CIC has four accredited special assessing entities after the agency signed an agreement with TransUnion Information Solutions Inc. last May 5.
“Accreditation of this new set of special accessing entities is our offer that the CIC has a viable business model, that there is a need for credit information and other value added services in the financial sector,” Garchitorena said. Once fully accredited, the CIC shall grant the credit bureaus regulated access to its credit data which will serve as elements to its statistical models and as the base for a wide range of off the shelf and value added products.
“The CIC is now set to move forward with our objectives and partnerships to reinforce its virtues of making credit easily available to the public through the alliance of both credit registry and bureaus,” Garchitorena said. “The accreditation was done, both to assure the quality of services that the SAEs will deliver and to change the public’s perception about borrowing or utilization of credit,” Garchitorena explained.
Source: Manila Bulletin