Fintech, credit experts come together to promote consumer rights amid pandemic

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    VIOLATIONS to the rights of consumers using credit seemed to have heightened during the pandemic. Various reports ranging from inability to borrow to harassment of digital channels for those unable to pay were reported to the Departments of Trade and Industry, and Information and Communication Technology.

    One reason that has been pinpointed is the lack of a good and credible source of credit history.

    The Credit Information Corporation (CIC) recently partnered with Moneymax, a popular financial comparison platform, to educate Filipinos about the importance of having access to one’s credit history. CIC is the country’s  government-owned and controlled central credit registry.

    This is the first partnership of this kind aimed to promote financial literacy on credit information in the country.

    “The CIC is the only government agency tasked to undertake a continuing nationwide educational campaign to promote the benefits of a credit information system to the economy. As we continue to combat the economic backlash of COVID-19, we need to reach as many Filipinos as possible about the value of responsible borrowing and credit data sharing,” Aileen L. Amor-Bautista, CIC’s SVP for Business Development and Communications Group said in a press statement.

    Pushing the importance of accurate credit information

    Bautista is excited to see the results of the partnership. As CIC tapped Moneymax to help increase awareness of its’ role in helping consumers get access to their own credit data and history.

    “This is why we look forward to working with Moneymax on this financial literacy initiative,” Bautista added.

    For its part, Moneymax will publish customized articles, videos, and infographics to educate Filipinos about the importance of credit reports and their right to accurate and reliable credit information.

    Credit information is collected from various sources such as banks, financial institutions, insurance companies, financing companies, credit cooperatives, as well as utility companies, government lending institutions, and other businesses that extend loans.

    The CIC receives, processes, secures, and stores the financial credit data of over 11 million Filipino borrowers across 500 financial institutions which will be used to fairly and accurately assess the credit history and financial condition of borrowers.

    “It’s very essential that Filipinos understand what goes into their credit history and improve transparency on credit reporting,” Munmun Nath, Moneymax’s Managing Director for Marketing said in a press statement.

    Credit information accessible in a few clicks

    Today, one can do everything online—from shopping and paying bills to even opening a bank account. Because of this, it is not a surprise that you can also access your credit information online.

    In September 2019, the CIC launched its Online Appointment Scheduler (CICOAS) and Online Dispute Resolution Process (ODRP) on its website. The CICOAS is the CIC’s online appointment scheduler, designed for individuals who would like to request their credit report at the CIC office.

    The ODRP helps consumers who obtained a copy of their CIC Credit Reports to dispute inaccuracies or discrepancies submitted by financial institutions to the CIC database. Customers can file for dispute resolution through ODRP online, without the need to go to the CIC office.

    Through these tools, CIC ensures the consumers can have access to their own credit history at a minimal cost and also have their credit report corrected should there be discrepancies or outdated information. Using a web and mobile application, the CIC is planning to launch an efficient and secure method to have Credit Reports available online.

    The general public will soon be able to access these reports regardless of their location through CIC’s accredited credit bureaus. As part of this partnership, Moneymax will publish engaging content that will promote consumer’s understanding of how to benefit from such services.

    “Our mission is to help Filipinos lead a healthier financial life. Access to credit is an important pillar of a healthy financial life. Financial institutions rely on CIC’s credit reporting database to make decisions on who gets approved for credit,” Nath concludes.

    More information about the CIC here, visit and on their Facebook page. Also, visit www.moneymax.ph for articles about credit information in the Philippines. Follow @moneymax.ph on Facebook and Instagram, alongside @moneymaxph on Twitter.

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