MAKATI CITY – The Credit Information Corporation (CIC) affirms that the 401 lending companies recently shut down by the Securities and Exchange Commission (SEC) shall still submit credit data as part of their regulatory responsibilities under Republic Act No. 9510 or the Credit Information System Act (CISA).
This follows the SEC’s revocation of the firms’ licenses due to non-compliance with regulatory requirements, underscoring CIC’s commitment to maintaining transparency and accountability in the financial sector.
“All lending and financial companies are legally obligated to report credit data to the CIC,” said CIC President and CEO (PCEO) Ben Joshua A. Baltazar. “This helps keep the credit information system complete and reliable, protecting both borrowers and lenders,” the PCEO added.
According to CIC, there are 318 registered financing and lending entities that are registered with the CIC. This is on top of the 401 lending firms whose licenses are revoked by the SEC. Under CISA, only those entities that regularly submit credit data of borrowers are allowed to register for access to the CIC database.
The CIC encourages the public to transact only with financing and lending institutions that are duly registered with both the SEC and the CIC.
“Legally compliant financing and lending institutions ensure that credit activities of individuals are properly tracked and reflected in their credit history and therefore contribute to a more accurate, transparent, and trustworthy credit information system that benefits both borrowers and lenders,” said PCEO Baltazar.
The CIC warns the public that choosing lenders that do not have access to the CIC system may result in credit transactions going unreported and personal and financial information not being handled properly.
For more information about the registered financing and lending entities, please visit https://www.creditinfo.gov.ph/list-submitting-entities-production and for the list of non-compliant companies, please visit the SEC 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.
