CIC streamlines registration process for database’s submitting entities
STATE-RUN Credit Information Corp. (CIC) has simplified its online registration process and lessened requirements for lenders under its new guidelines.
CIC issued Circular No. 02, series of 2021, laying out a simplified registration process for submitting entities requiring less documents and steps.
CIC President and CEO Ben Joshua A. Baltazar said in a statement that the country’s credit registry now has 606 submitting entities, while more than one thousand lending institutions currently registering with their database.
“We streamlined and simplified the entire registration process so we can stay true to our mandate of providing reliable and standardized information on the credit history of borrowers,” Mr. Baltazar said.
Under the new guidelines, entities are required to submit their Certificate of Registration, Articles of Incorporation or Articles of Cooperation, and their Secretary’s certificate.
Once verified and proven to be eligible, the lender will then receive a link to the CIC’s Online Submitting Entity Information Sheet (SEIS), which will generate the documents to be signed by their authorized representatives.
After this, the CIC will assign a provider code to the lender, along with credentials, to access the Covered Entity Portal where the submitting entity has to encode its batch operators or the persons assigned to submit data to the credit registry.
Mr. Baltazar said the new guidelines will cover new applicants, while registered submitting entities will just have to update their SEIS through the CIC Portal.
“Given all the new policies and reforms that the CIC is implementing including this streamlined online process of submission, the public can expect wider and more consistent credit reporting compliance from financial institutions which will result in improved data quality,” he said.
As of July, CIC houses the credit data of 28 million borrowers, equivalent to unique individuals with 97 million contract data. The bulk of the database or 72.4 million records were on installment transactions, followed by 23.3 million in credit card data and 1.2 million records of non-installment transactions.
Contributors to the database include universal and commercial banks, rural banks, thrift banks, credit card issuers, lending and financing companies, cooperatives and cooperative banks, microfinance institutions, savings and loans associations, insurance companies, as well as state-run public insurer Government Service Insurance System. — BML
