CIC accredits four new special accessing entities to further financial inclusion, credit market efficiency

State-owned Credit Information Corporation (CIC), created by the Republic Act No. 9510 or Credit Information System Act (CISA) for the collection and dissemination of credit information, accredits four new Special Accessing Entities (SAEs) namely, Advintel, Inc., Mitou Hongkong Limited, Finvolution Group, and Trusting Social AI Philippines Inc. 

SAEs are duly accredited private corporations engaged primarily in the business of providing credit reports, ratings, and other similar credit information products and services entitled access to the CIC’s pool of consolidated basic credit data. The accreditation authorizes entities to use, retrieve, and evaluate the credit data that have been submitted to the CIC for the development of value-added products and services, in accordance with CIC Circular No. 02 Series of 2023 titled “Revised Standards and Rules for Accreditation of Special Accessing Entities to the Credit Information System”. 

“The accreditation of the new SAEs will enhance the availability of information and accelerate the development of innovative credit reporting and credit scoring services derived from the CIC database, which will benefit lenders, borrowers, as well as the broader Philippine financial system,” CIC President and CEO Ben Joshua A. Baltazar said. 

The newly accredited SAEs will still be subject to post-qualification evaluation prior to the execution of their respective terms of accreditation with the corporation. The CIC will have a total of seven SAEs operating in the market after all four new SAEs finish setting up. 

Benefits to the financial system 

“The new roster of SAEs is expected to drive product innovation by empowering credit market players to increase the efficiency of their loan evaluations, diversify and tailor their offerings to meet the needs of the different market segments, and enhance

their loan portfolio through leveraging credit data for better credit risk management,” the PCEO shared. 

The PCEO also added that with the increased visibility of SAEs, more financial institutions providing credit facilities will be encouraged to harness these SAEs’ technological capabilities to transform their businesses and expand their customer base. This in turn also enables lenders to become more data-driven as well as develop products for micro, small, and medium enterprises (MSMEs) and individual consumers leading to a more inclusive credit ecosystem. 

“The CIC recognizes the increasing role of its credit information system on our financial system, especially in improving broader and fairer access to affordable credit for MSMEs and individual borrowers as they thrive towards their financial journey. We remain committed in ensuring that we continuously make transformative partnerships with credit information market players that redound to a fairer and a more transparent credit ecosystem for Filipino borrowers,” the PCEO ended.