STATE-RUN Credit Information Corp. (CIC) has streamlined its online registration process and reduced requirements for lenders under its new guidelines.
CIC issued Circular No.02, 2021 series, establishing a streamlined registration process for submitting entities requiring fewer documents and steps.
CIC President and CEO Ben Joshua A. Baltazar said in a statement that the country’s credit registry now has 606 entities submitting applications, while more than a thousand credit institutions have were currently recording in their database.
“We have streamlined and simplified the entire registration process in order to stay true to our mandate of providing reliable and standardized information on borrowers’ credit histories,” Baltazar said.
Under the new guidelines, entities are required to submit their certificateFiregistration certificate, articles of incorporation or articles of cooperation, and their secretary’s certificateFicat.
Once verified and proven eligible, the lender will then receive a link to CIC’s Online Submitting Entity (SEIS) fact sheet, which will generate the documents to be signed by their authorized representatives.
After that, the CIC will assign a supplier code to the lender, along with identifying information, to access the covered entities portal where the submitting entity must encode its batch operators or the persons responsible for submitting data to the registry of credit.
Mr Baltazar said the new guidelines will cover new applicants, while registered submitting entities will only need to update their SEIS through the CIC portal.
“With all the new policies and reforms implemented by CIC, including this streamlined online submission process, the public can expect broader and more consistent credit reporting compliance from financial institutions, which will result in improved data quality, ”he said.
Since July, CIC has hosted credit data for 28 million borrowers, the equivalent of unique individuals with 97 million contract data. The bulk of the database, 72.4 million records, was for installment transactions, followed by 23.3 million credit card data and 1.2 million non-payment transaction records.
Contributors to the database include universal and commercial banks, rural banks, savings banks, credit card issuers, credit and finance companies, cooperatives and cooperative banks, microfinance institutions , savings and loan associations, insurance companies, as well as the public insurer run by the State Government Service Insurance System. – BML