The Credit Information Corp. (CIC), the Philippines’ public credit registry and credit information repository, is now using the National ID authentication services provided by the Philippine Statistics Authority (PSA).
In a statement, the PSA said the National ID authentication services, which provides the basic online authentication and electronic know your customer (eKYC) integration, have gone live for the CIC’s Online Dispute Resolution System (ODRS).
The ODRS is the agency’s online dispute process that is designed to facilitate the resolution of disputes such as discrepancies in credit records, among many others, with minimum contact.
Through the ODRS, individuals with outdated negative information on their credit report despite being cleared by a financial institution can file their dispute online; credit reports are crucial as it is used by lenders and service providers to assess applications for financial services such as loans.
“With the integration of the National ID with the ODRS, we are a lot closer to the future where our people can seamlessly engage with various financial and credit institutions without facing bureaucratic obstacles or delays. We take a bolder step towards modernizing our financial infrastructure,” PSA undersecretary Claire Dennis Mapa said. Among the first government agencies to adopt the National ID authentication services, the CIC is a government-owned and controlled corporation that provides credit reports that summarize a borrower’s financial transactions such as loan contracts with lending institutions, utility subscriptions, among others.
