Globe to provide credit information of its customers to CIC

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



This article was written by Louie Diangson, Managing Editor of YugaTech. You can follow him at @John_Louie.

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4 Responses

  1. WC says:

    What are the rights of the citizen under CIC? Can they request a copy of their credit rating like you can in the US?

    I had a friend whose application for a credit card keep getting rejected despite having an above average income and complete requirements. If not for a friendly bank manager, he would not have known that someone (he still doesn’t know who) used his persona to borrow a small loan (less than 50k), and had not paid for it years ago. Problem is that info is supposed to be confidential, so he could not complain or even settle it (since it’s not that big amount – to him, at least) without jeoparding the source of the info. So does the CIC offers protection for him or only for the big corporations and banks?

    On a different note, we are moving closer to an Orwellian world faster than ever. All those sci-fi like Minority Report just might come true. :)

  2. masyaw says:

    but we wonder why car salesmen are able to get you approved even with a bad credit rating. it’s no wonder we have a carmageddon all over the metros in the progressive cities of our country

  3. Hi everyone. For more information please visit the Credit Information Corporation website and send us your queries there. Our goal is to prepare everyone for the upcoming benefits to good payers and how to make the, until now, credit invisible more visible so that the ordinary Filipino can be given the opportunity to get credit even if they don’t know someone from the bank or lending institution. We also have a strong consumer protection mandate. While we are not yet live and cannot yet directly intervene we do listen to comments about bad credit experiences and help when we can. Thanks.

  4. richard says:

    How can we know if our names are listed in CIC? Is there any site we can check?

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