Credit Information Corporation or CIC announced the first six credit bureaus in the Philippines last 13 March 2016. The accredited credit bureaus are consist of five international firms and one local credit bureau.
Contents
According to CIC President Jaime Garchitorena, bureaus may start operations as soon as they become incorporated, but actual offering of products may not happen until 2017. The complete and substantial collection of credit data, may be finished closer to end of 2016 or early 2017.
Local Firm
Also known as CIBI, formerly known as Credit Information Bureau, Inc., is historically the first credit bureau in the Philippines. CIBI started as a quasi government body under the Central Bank of the Philippines to initiate a credit information exchange system in the Philippines. In 1982, CIBI was founded and established through the power of Presidential decree 1941 and was created under Central Bank of the Philippines, now Bangko Sentral ng Pilipinas (BSP); the Securities and Exchange Commission (SEC)[3] and the Financial Executives Institute of the Philippines (FINEX).
In 1997, Credit Information Bureau, Inc. was incorporated into a private entity and became CIBI Information, Inc. At present, CIBI is a provider of information and intelligence for business, credit and individuals. The company also supplies compliance reports before accrediting suppliers, industry partners and even hiring professionals.
International Firms
A local office of a Chicago-based firm which recently partnered with banks in the Philippines in 2011.
Compuscan is a certified level three Broad-Based Black Economic Empowerment (BBBEE) contributor with the additional status of been a value added supplier.