The Credit Information Corporation (CIC) has granted CRIF a Special Accessing Entity (SAE) license together with 5 other international accredited private credit bureaus. CIC is the national credit information system of the Philippines.
The Credit Information System Act of 2008 (CISA Law), which regulated the establishment of the CIC as a credit information system in the Philippines, defines the role and scope of a centralized and comprehensive credit information system which is not allowed to provide any added-value services. SAEs or private credit bureaus, as they are widely known, are defined by law as a duly accredited private corporation engaged primarily in the business of providing credit reports, scoring and credit information services to support the lending sector and help extend access to credit to a wider segment of the economy and especially to MSMEs (micro, small and medium enterprises).
Simone Colombara, Managing Director of CRIF Philippines, said, “CRIF is proud of the recognition that the CIC and the overall market has given us in terms of the promotion of credit culture over the last 3 years. CRIF’s international operations serve lenders that are looking to offer their services within the Association of Southeast Asian Nations (ASEAN) and Overseas Filipino Workers (OFW). CRIF localized solutions enable medium/small lending institutions to automate loan application processing and to improve risk management.” Speaking about 2016, Colombara added, “Considering the success of the CRIF roadshow in 2015, we are going to replicate the same initiative this year and involve even more lending institutions.”
Lamberto Barbieri, Asian Managing Director, concluded, “Thanks to CRIF’s presence and tailored solutions, we are an ideal partner for lenders that operate on local, regional and global levels. We are committed to expanding the breadth of our product offering and to helping organizations grow with risk management solutions targeting both developed economies, such as Hong Kong, mainland China and India, and emerging Asian markets, such as Indonesia, the Philippines and Vietnam. CRIF leverages synergies and core skills with an understanding of the local culture and unique market needs; this is key to providing greater flexibility and keeping quality standards high.”
Source: CRIF Press Release