Globe to provide credit information of its customers to CIC
Globe has announced that it will be ready to provide credit information of its customers to Credit Information Corp. (CIC) starting February 2017, as mandated by law.
The Credit Information Corp. (CIC) is a state-run agency which was created when the Republic Act 9510, also known as Credit Information System Act (CISA), was enacted into law in 2008. It is tasked primarily to collect, collate and disseminate credit information to help creditors evaluate the ability of prospective and existing customers to pay.
The credit information is collected from various sources such as banks, financial institutions, insurance companies, financing companies, credit cooperatives, as well as utility companies and other businesses that extend loans. Recently, the scope of CIC’s coverage was expanded to include telecommunications companies under CIC Circular 2016-01. “The CIC has determined that telecommunications companies are within the purview of the law whose data is relevant for determination of creditworthiness and in making credit decisions,” the circular stated.
That said, Globe Telecom is complying with the government mandate and will provide credit information of its customers to the CIC.
“As mandated by law, Globe is ready to comply with the directive to provide basic credit data. We are confident that establishment of a credit information system in the country will further enhance development of the local financial sector that, in turn, will further boost economic growth,” Globe General Counsel Froilan Castelo said.
source: Globe, CIC