1982 – CIBI established through joint initiative of Central Bank with the cooperation of FINEX.
1991 – Major commercial banks organized a private BAP Credit Bureau.
2001 – The International Finance Corp. launched the global credit bureau program.
CREDIT INFORMATION CORPORATION
• 2006 – Fifteen cooperatives based in Mindanao (Ozamis City) established a credit bureau servicing cooperatives in Central and Western Mindanao with an outsourced provider based in Cebu City. • 2008 – RA 9510 was passed after several years of lobbying by the BSP and some private entities interested in providing outsourced credit bureau services. CREDIT INFORMATION CORPORATION
• 2009 – Five credit card companies established a corporation majority owned by TransUnion to operate a private credit bureau.
• 2010 – The micro financing sector set up a pilot credit bureau in PANAY .
MAY 2011 – New set of Board members
and President appointed.
JUNE 2011 – RA 10149 – GOCC Governance Act
of 2011 enacted to govern the affairs of all
GOCC’s including the CIC.
CREDIT INFORMATION CORPORATION
CREDIT INFORMATION SYSTEMS ACT (CISA ) CREDIT INFORMATION CORPORATION THE LEGAL AND REGULATORY FRAMEWORK RELEVANT STATUTES RA 9510 CREDIT INFORMATION SYSTEM ACT – 2008, OCT 31 RA 10149 GOCC GOVERNANCE ACT OF 2011 – 2011, JUNE 6 RA 1405 LAW ON SECRECY OF BANK DEPOSITS RA 6426 FOREIGN CURRENCY DEPOSIT ACT RA 8791 GENERAL BANKING LAW OF 2000 RA 9160 ANTI-MONEY LAUNDERING LAW RELEVANT GOVERNMENT AGENCIES • SECURITIES AND EXCHANGE COMMISSION – IMPLEMENTING AGENCY • BANGKO SENTRAL NG PILIPINAS – COORDINATING AGENCY • DEPT. OF FINANCE – COORDINATING AGENCY • DEPT. OF TRADE AND INDUSTRY – COORDINATING AGENCY • INSURANCE COMMISSION – COORDINATING AGENCY • COOPERATIVE DEVELOPMENT AUTHORITY – COORDINATING AGENCY
The Credit Information Corporation is a comprehensive national credit information system mandated by law to collect and store information from creditors and available public sources on borrowers’ credit history using state-of-the-art technologies.
It then disseminates select information to authorized parties for a fee; at all times safeguarding borrowers’ rights and ensuring the existence of fair competition in the industry.
To actively receive, collect and consolidate basic credit data nationwide from both public and private sources; to act as the central registry or repository of credit information, accurately and in a secure manner, safe from access by unauthorized parties; and to provide access to reliable, standardized information on the credit history and financial condition of borrowers at least cost, most efficiently to authorized participants in accordance with applicable laws.
To help improve the overall availability of credit especially to micro, small and medium-scale enterprises; provide mechanisms to make credit more cost-effective; and to reduce the excessive dependence on collateral to secure credit facilities.
To continually educate the public on the benefits of credit information to the economy; to create awareness on the rights of consumers/borrowers to access their credit information and ensure that these are accurate; and to create a healthy balance between the need for reliable credit information and the safeguarding consumer protection, ensuring a free and healthy competition in the industry .
• SPECIAL ACCESSING ENTITY - DULY ACCREDITED PRIVATE CORPORATION ENGAGED PRIMARILY IN THE BUSINESS OF PROVIDING CREDIT REPORTS, RATINGS, AND OTHER SIMILAR CREDIT INFORMATION PRODUCTS AND SERVICES. CREDIT INFORMATION CORPORATION