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CIC enforces guidelines for the mandatory compliance of financial institutions to ensure accuracy of credit reports

Credit Information Corporation - CIC

MAKATI CITY, 29 November 2023 – State-owned Credit Information Corporation (CIC), governed and supervised by the Securities and Exchange Commission (SEC), implemented its mandatory initial and continuing compliance guidelines to all financial institutions covered under the Republic Act No. 9510 also known as the Credit Information System Act of 2008.

Under the CIC Circular No. 2023-04 titled “Implementing Guidelines for the Compliance of all Submitting Entities under the Credit Information System Act,” the CIC also introduced a Compliance Rating System to monitor faithful compliance of all Submitting Entities in Production (SEPs), as well as implementation of a Compliance Assistance Fee which shall cover the cost of providing technical support and enforcement of the compliance.

“Contributing to financial stability, the CIC has been at the forefront of reducing systemic risk in our financial ecosystem by providing financial institutions with real time access to reliable and accurate credit information. For this reason, implementation of these guidelines and sanctions are crucial. Curbing non-compliant behavior of covered entities will safeguard the effectiveness of the Credit Information System,” President and Chief Executive Officer Ben Joshua A. Baltazar said.

Submission of credit data to the CIC database

All financial institutions undergo three stages before they are authorized to submit live credit data to the Credit Information System to ensure the reliability of submitted consumers’ credit data: first is registration, second is testing and validation, and third is the submission of live credit data to production. All stages are wholly online to provide a seamless process for covered entities to fully comply with the CIC.

In the event of non-compliance, the financial institution shall be subject to any or all of the following corrective actions: participation in the one-on-one technical training session, issuance of letter of compliance; reporting to government regulatory agencies i.e. Bangko Sentral ng Pilipinas, Securities and Exchange Commission, Cooperative Development Authority, and Insurance Commission, public warning for delinquency, and imposition of administrative sanctions and penalties.

Administrative sanctions or fines for non-compliance with initial compliance obligations range from PHP 1,000.00 to PHP 30,000.00. Further, non-payment of the Compliance Assistance Fee within the prescribed period shall subject the concerned financial institution to late payment charges.

“Ultimately, an accurate credit report empowers not only the financial institutions in their credit-decisioning, it also provides individuals and businesses a clearer perspective of their credit standing and informs them on their borrowing behavior so they can better manage their finances” PCEO Baltazar ended.

To view the list of financial institutions already submitting live credit data to the CIC, you may visit the CIC website. Follow the official Facebook page of CIC or send us an email at [email protected] for the latest information and updates on CIC’s activities and events.


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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