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July 14, 2024

Credit bureau partners with SEC to combat abusive lending

The Credit Information Corp. (CIC) has partnered with the Securities and Exchange Commission (SEC) as part of efforts to put an end on abusive lending.

The country’s public credit registry and repository of credit information and the SEC would host a special webinar series, #UsapangUtang, titled “Responsible borrowing and combating abusive lending in the time of COVID-19 to discuss

CIC president and CEO Ben Joshua Baltazar said the rights of the borrowers and the true cost of credit and proper debt collection practices of lenders will be discussed during the webinar scheduled on March 31 and April 6.

“Due to the alarming number of borrowers who fall victim to predatory lending and abusive debt collection practices of various financial institutions, this webinar should help the Filipinos to stay vigilant and know their rights as borrowers while improving their creditworthiness,” Baltazar said.

The webinar will feature resource speakers include Leah Banagui-Han of the CIC and SEC Corporate Governance and Finance Department director Rachel Esther Gumtang-Remalante.

Meanwhile, CIC once again advised the public to be vigilant against individuals and institutions that use the agency’s name and logo without authority or permission.

“With this session, we would like to emphasize that debt collection is not part of our mandate so we will never contact anyone about their debts, nor does it have a blacklist of any delinquent borrowers – these are all tactics carried out by abusive collectors to collect debt,” Baltazar said.