The Credit Information Corp. (CIC), is rolling out its “Direct to consumer thru AE (D2C) program” to provide Filipino borrowers with ready and immediate access to credit information.
The program enables an individual to access their CIC Basic Credit Report through select accessing entities such as banks and other lending institutions.
These accessing entities are financial institutions authorized by the CIC to access borrowers’ credit information from its database.
Starting Monday, the CIC basic credit report may be applied for from the several accessing entities that form the pilot batch of the D2C program
These include Yuchengco-led Rizal Commercial Banking Corp. (RCBC), CreditAccess Philippines Financing Company, Enterprise Bank, Paramount Life and General Insurance, Prime Global Finance Corp., Rural Bank of Guinobatan, San Dionisio Credit Cooperative, Sumisho Motor Finance Corp., Welcome Finance, and Yuanta Savings Bank Philippines.
CIC president and CEO Ben Joshua Baltazar said the company will provide Filipino borrowers the convenience of accessing their credit reports through their preferred lending institutions who are accessing entities and likewise strengthen the mandate of the agency as the country’s sole public credit registry.
With the program in place, the CIC expects that this will improve credit-decisioning and also allow financial institutions to re-engage with their clients to update their personal information, discuss new products and services, address their needs, and provide financial advice, among others.
CIC has been coordinating with various accessing entities since it announced its D2C plan early this year to ensure that stringent internal procedures are in place to ensure a safe and efficient process in providing greater access to the CIC Basic Credit Reports for the borrowing public.
“We look forward to including more AEs as we roll out this service of providing credit reports directly to Filipino borrowers. In turn, this will facilitate better and wider credit services through the maintenance of their good credit standing,” Baltazar said.
