CIC targets to collect two million data subjects for credit registry

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CIC PRESIDENT Jaime P. Garchitorena said the firm wants to end the year with nine million data subjects. — BW FILE PHOTO

STATE-RUN Credit Information Corp. (CIC) eyes to onboard two million data subjects in its credit information system within the year as it is set to collect from large government-owned and -controlled companies (GOCC).

CIC President and Chief Executive Officer Jaime Casto Jose P. Garchitorena said in an interview the country’s sole public credit registry wants to end the year with nine million data subjects, coming from the current seven million unique files.

“The onboarding of additional two million, we feel that’s a doable goal for this year,” The next goal in the next 12-18 months is to onboard some of the larger GOCCs such as SSS (Social Security System) and GSIS (Government Service Insurance System),” Mr. Garchitorena said.

He added that GSIS committed to submit the credit information of two million of its members, while SSS estimated to bring in the data of 15 million members who availed their loans.

“These are the big numbers we’re looking at over 18 months, but we’ll start increasing our database from the previous five million to existing seven million and bringing that to nine in the next few months. I think that’s very doable,” the CIC president added.

The credit registry had 5.867 million unique data as of October last year, which came from financial institutions such as banks, cooperatives, credit card firms, insurers and GOCCs, among others.

Mr. Garchitorena said CIC considers the 15 million estimate of SSS’ borrowers as a “super set” of data as having a social security number and a job are the usual first requirements for Filipinos looking to borrow money from formal institutions.

“Once you get a job and your social security number, you can borrow from SSS and avail of a credit card… Because the largest data set is from the SSS, there’s a good chance that all the other sets might be captured by this,” he said.

The credit registry added it is eyeing to include loan data from Microfinance Information Data Sharing, Inc., which will likely bring in about eight million data subjects.

“If that pushes through, that will not only be a significant jump in the (number of) data subjects, but it will also offer a view into a rare subset of lending which is the microfinance lending,” Mr. Garchitorena said.

To hit its nine-million goal for data subjects by yearend, CIC said it will also target the “low-hanging fruit” by enhancing the data quality standards of its current submitting entities.

“We’re undergoing some very aggressive data quality monitor coordination with central bank-covered institutions. From that alone, the additional two million data subjects will be uplifted,” Mr. Garchitorena said.

Some 1,600 financial institutions are currently registered with CIC, with 396 of them regularly submitting credit data.

Republic Act No. 9510 or the Credit Information System Act mandates the establishment of a comprehensive and centralized credit information system, with CIC tasked to consolidate the data.

The law also states that submitting entities, which are lenders, are required to submit and provide all the credit data of their borrowers to CIC. — Karl Angelo N. Vidal