Financial borrowers who are curious to know at how they stand in their creditworthiness can now do so by request online, according to the Credit Information Corporation (CIC).
A government-run central credit registry and storage of credit information, CIC established a database which covers information on almost 18 million Filipino borrowers or 30 percent of the country’s adult population who millions of contracts across hundreds of financial institutions.
Still an ongoing process, the database is still expected to expand in its coverage as more financial institutions participate in the overall scheme.
Credit reports include a borrower’s financial transactions, which consists of loan contracts with lending bodies, utility subscriptions, and other similar obligations.
Essentially a way for financial units to gauge a borrower’s credibility as a money user, the report contains either a positive or negative data, either of which significantly affecting the chances of a borrower getting a loan.
Positive credit, which is fostered by a consistent, responsible handling of one’s finances, render a borrower high likely chance of getting a loan from any lending units.
Conversely, a borrower with a negative credit, often as a result of poor management of finances, especially when paying off previous or existing loans, cause lower, if at all, chance of getting loans.
However, this negative rating is still subject to erasure should the borrower itself manages to pay off existing debts.
To request a copy of your own credit report, you may book for an appointment for it via this link: https://www.creditinfo.gov.ph