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CIC commits full support to SEC order reiterating compliance of financing, lending companies with CISA Law, curb abusive debt collection practices

Credit Information Corporation - CIC

MAKATI CITY, 19 July 2023 – The Credit Information Corporation (CIC), the country’s sole public credit registry and repository of credit information, is fully geared up to process the Submitting Entity (SE) registration of the 103 financing and lending companies (FCs and LCs) operating online lending platforms (OLPs), following the Securities and Exchange Commission (SEC) Order dated 06 July 2023.

The SEC Order reiterates that FCs and LCs operating OLPs must comply with Republic Act No. 9510 or Credit Information System Act, which mandates all financial institutions providing credit facilities to register and submit the basic credit data of their borrowers to CIC.

“With the SEC Order in place, we are expecting a sharp decrease in the use of abusive debt collection practices by lenders, as registration with CIC paves the way for them to access the comprehensive CIC database for data-driven credit-decisioning and risk-based lending,” CIC President and CEO Ben Joshua A. Baltazar said.

To date, 39 of the 142 OLPs reported to the SEC by its registered FCs and LCs are already submitting data to the CIC. Further, 25 already access the CIC database to establish their borrowers’ creditworthiness.

FCs and LCs are given until 05 August 2023 to comply and register with the CIC. Non-compliance thereof may result in SEC sanctions such as the suspension or revocation of the Certificate of Authority to Operate as a Financing or Lending Company.

The SEC Order was issued following the numerous complaints lodged to various government agencies against erring FCs and LCs employing abusive debt collection practices which violate the provisions of SEC Memorandum Circular No. 18 series of 2019 or the Prohibition on Unfair Debt Collection Practices of FCs and LCs.

CIC is the better way to borrow

“The CIC highly encourages our borrowers to insist that their OLP lenders submit their credit data to CIC – as this not only helps them build their credit history, but also enables the SEC to monitor and assess if the imposed interest rates are fair” the PCEO said.

As of 30 June 2023, the CIC database houses the credit data of 41.8 million individuals, or almost half of the Philippine adult population. This also covers over 143 million total contract data consisting of credit card, installment, and non-installment loans.

“The CIC acknowledges that OLPs provide access to credit through their greater reach, this is why working with them is the best way to safeguard the welfare of Filipino borrowers. Our top priority is to protect and uphold the rights of our borrowers, and we are one with the government in combating abusive and predatory lending,” the PCEO emphasized.

Borrowers are highly encouraged to report and file official complaints against erring or illegal lending entities using abusive debt collection practices to the SEC. Earlier this year, the SEC also issued the Implementing Rules and Regulations of the Financial Products and Services Consumer Protection Act of 2022, which provides further protection for financial consumers, and stronger policy enforcement mechanisms for the government.

“CIC is indeed the better way to borrow. Not only can borrowers build and improve their credit standing through regular monitoring of their CIC Credit Reports, we are also able to foster a strong and competent Philippine credit market by providing enabling policy frameworks for the stability of our financial ecosystem,” the PCEO said.

Fully online Submitting Entity registration

To start their Submitting Entity (SE) registration, FCs and LCs must submit via email a copy of their Certificate of Registration, Articles of Incorporation, and their Secretary’s Certificate, to CIC’s Data Submission Team at [email protected].

For the process and further details on how to become a Submitting Entity, financial institutions are advised to visit the CIC website.


The Credit Information Corporation (CIC), a government-owned and controlled corporation, was created by Republic Act No. 9510, otherwise known as the Credit Information System Act (CISA). The primary mandate of CIC is to establish a comprehensive and centralized credit information system for the collection and dissemination of fair and accurate information relevant to, or arising from, credit and credit-related activities of all entities participating in the ecosystem.

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