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CREDIT INFRASTRUCTURE

ROADSHOW:
The Role and obligation
of Co-ops in Enabling
R.A. No. 9510
The
CREDIT INFORMATION
SYSTEM
Project

JAIME CASTO JOSE P. GARCHITORENA


PRESIDENT & CEO, CREDIT INFORMATION CORPORATION

CREDIT INFORMATION CORPORATION


QUICK NOTES
1. GOCC Created by RA 9510
Mandate to make credit data available at a high level of availability at the least cost
while protecting consumer interests.
2. The CIC is a Registry not a Bureau
Aggregate and Collate data from FIs but not out put scores or value added services
3. Supervision of SEC and close coordination with BSP
4. The CIC collects Positive and Negative Data
5. Mandatory Submission / Voluntary Use Named Data set and Data
identified by CIC
6. Support by USAID and IFC in the Education Campaigns and capacity
building for submitting entities.
7. Latest news
6 SAEs (Credit Bureau)
CIBI-CRIF-CUMPUSCAN-CBS-TRANSUNION-DandB S.A.M.E.
Distribution of Data with Value Added services
8. Near Target 20million aggregated records by 2016 Q4
9. Far target 40-50million

CREDIT INFORMATIONCORPORATION
CIC-FI-SAE ECOSYSTEM

CIC Processes
Cooperatives and aggregates
can submit and data from
access directly various
from the CIC submitters into
24/7 for loan single user view
assessment files. Matching
and monitoring exposures
purposes across multiple
data sources
into the rightful
borrower

CREDIT INFORMATIONCORPORATION
CIC-FI-SAE ECOSYSTEM
SAE Interacts with Cooperatives
when providing third Party SAE may add data from various
Services other sources to improve analytics

SAE Interacts with CIC when the general public


accesses their basic credit records. CIC only send data
to SAEs ON A PER REQUEST BASIS

CREDIT INFORMATIONCORPORATION
CIC-FI-SAE ECOSYSTEM

Borrowing Public can go to Borrowers can access their credit reports


Cooperatives with Credit Scores to directly from the CIC for self monitoring
shorten loan process.
CONSUMERS

CREDIT INFORMATIONCORPORATION
MILESTONES
2008 Oct Republic Act 9510 passed into law
2009 May Implementing Rules and Regulation
created
2011 Dec Start Operations Date as determined by the GCG in relation to its
privatization mandate.
2013 Nov Bid for systems design and
implementation
2014 Apr Contract for CIS development awarded
2015 Nov Testing and Production Environment
Commissioned
2015 May Release of CIC Circular #1 reiterating the CIC
mandate
2015 Sept Release of CIC Circular #2 with submission
schedule per FI type
2015 Dec Submission of data to Production Database
2016 Mar Board Approval of SAE applicants
CIBI / CRIF / COMPUSCAN / CBS / Transunion / Dand B
S.A.M.E ( Support from the USAID and IFC )
2016 Q2 Testing by Accessing Entities of Data Base
2017 Q1 Target date for use of CIC Data

CREDIT INFORMATIONCORPORATION
DEADLINE OF SUBMISSION

CREDIT INFORMATIONCORPORATION
Current Collection Statistics
Current Collection Statistics
Sample of Credit Report
CHALLENGES AND SUPPORTS
Challenges:
Volume: On-boarding of growing number of Submitting Entities ( a good problem)
requiring hand holding
Data Quality: Updating of customer files by FIs with mandatory identification numbers
Data Quality: Incomplete historical data
Training and Capacity building for smaller FIs to submit data

Supports:
Close cooperation with the BSP
Oversight and guidance by the SEC
Support by USAID and IFC
Positive change mind-set of Submitting Entities as a result of competitive business
climate
Increasing number of technology providers and practitioners interested in traditional
and non-traditional data analytics
Accreditation of Special Accessing Entities to support CIC awareness campaign and
demand generation

CREDIT INFORMATIONCORPORATION