Credit Information Corporation (CIC), the state-run public credit registry and central repository of Filipinos’ credit information, has recently onboarded Asia United Bank (AUB), along with other banks and lending companies, as its accessing entity.

The said financial institutions are now authorized to access borrowers’ credit reports either directly from the CIC database or through any of its Special Accessing Entities (SAEs) namely CIBI Information Inc., CRIF Philippines, and Transunion Information Solutions.

“This is indeed another milestone and a significant addition to the growing list of CIC’s accessing entities consist of major universal and commercial banks, savings and loan associations, rural banks, cooperatives, thrift banks, and government lending institutions,” Atty. Aileen L. Amor-Bautista, Senior Vice President for Business Development and Communications, said.

She added that this attests to the usability of the CIC database which contains the credit history of almost 23 million Filipino borrowers with more than 80 million contract data.

Enhanced customer experience

With the goal to ensure superior delivery of innovative products and services driven towards total customer satisfaction, AUB went beyond compliance with R.A. No. 9510 or the Credit Information System Act (CISA) and decided to access the CIC database.

“Being an accessing entity of the CIC means that we have ready access to comprehensive credit reports which will then expedite the process of granting loans and other financial services to our wide range of consumers including SMEs and even corporations. This is a testament to our commitment to fully understand and anticipate our clients’ needs,” Ma. Magdalena V. Surtida,

AUB’s First Vice President and credit cards business head, shared. AUB is known for providing various banking and other financial products and services such as corporate and consumer loans, deposit products, corporate banking, treasury and trust products, cash management solutions, and other services.

Meanwhile, Atty. Amor-Bautista explained how the CIC database benefits the Filipino consumers and not just financial institutions: “These borrowers are the ultimate beneficiaries in this credit ecosystem because we make their credit data work for them. With more financial institutions accessing the credit registry, more borrowers will get the opportunity to be assessed fairly using their own credit history.”

The CIC likewise welcomes its additional set of accessing entities for January 2021 including the Cooperative Bank of Quezon Province, Philippine Star Development Bank, Kviku Lending Co., Ltd., Rural Bank of Central Pangasinan, and The Insular Life Assurance Company, Ltd.

“We are glad that these financial institutions are complying with the requirements for accessing entities; they are recognizing the value of the credit registry, and they are seeing an actual solutions partner in CIC,” Atty. Amor-Bautista continued.

Application as an accessing entity is open to all submitting entities in production or those financial institutions that are already submitting live or actual basic credit data of their borrowers to the CIC database, with at least six months’ continuous submission reckoned from the start date of access.

The CIC made the registration process easier through its web-based application system called Covered Entity Portal where financial institutions may register, update, and submit documents online including the Memorandum of Agreement (MOA), Accessing Entity Information Sheet (AEIS), and Secretary’s Certificate or Board Resolution.

“We also made the list of accessing entities available on the CIC website so that consumers will know which institutions are accessing their credit data and using it to evaluate their creditworthiness prior to granting them loans and other financial services,” the CIC SVP ended.