November 21, 2017 | MANILA, PHILIPPINES

CIC acquires loan data from Home Credit PHL

THE Credit Information Corp. (CIC) has secured loan data from a financing firm covering gadgets and home appliances, further broadening its data scope as the country strives to build a comprehensive registry.

In a statement sent late Thursday, the CIC said they have acquired borrower’s data from Home Credit Philippines, among the first financing firms to submit credit information to the state-run firm tasked to develop a national registry of credit information.

Home Credit, which provides loans for the purchase of electronics and home appliances, is the first non-bank financing firm of its kind to submit credit data to the state-run agency. The lending company turned over around credit data covering 700,000 accounts, with their client base expected to reach 1 million “early this year.”

Established in 2008, the CIC is looking to craft a centralized credit information system by securing borrower’s data from banks, life insurance firms, credit card companies, and other financial institutions to regularly submit basic credit data.

Credit bureaus duly authorized by the CIC will then access these data for credit profiling and scoring. Six firms which have secured full accreditation from the CIC, although two were dropped from the list last year after failing to comply with the agency’s requirements.

Those named as special accessing entities are the local firm Credit Information Bureau, Inc., CRIF Philippines (of Italy’s CRIF S.p.A.), Compuscan Philippines (of South Africa’s Compuscan) and United States’ TransUnion Information Solutions, Inc.

CIC president and chief executive officer Jaime P. Garchitorena said the additional data acquired by the agency assists an “expansion” in terms of credit, as it provides a new stream of information by which lenders can evaluate a client’s credit performance.

Apart from private players, the CIC has also required state-run entities to submit five years’ worth of loan data. Small Business Corp., which runs lending programs for small and medium-scale enterprises, was the first to submit last December, ahead of a March 31 deadline.

Mr. Garchitorena said in an earlier interview that the CIC is looking forward to securing “rich” loan data from the pension funds Social Security System and Government Service Insurance Corp., as these entities transact a huge number of loans with the public.

The CIC is looking to grant access to its credit database covering over 30 million records by the first quarter of this year. -- Melissa Luz T. Lopez