THE Credit Information Corp. (CIC) announced it is streamlining its processes to accommodate contactless and paperless registration of its submitting financial institutions.
In a statement over the weekend, the country’s public credit registry and repository of credit information said it has issued changes to its requirements and guidelines to put the entire registration process online and without the need for hard copies.
CIC President and CEO Ben Joshua A. Baltazar said that as of date, the government-owned and controlled corporation has 606 submitting entities in production and other lending entities—numbering over a thousand—are still in the registration phase of onboarding for submission.
“We streamlined and simplified the entire registration process so we can stay true to our mandate of providing reliable and standardized information on the credit history of borrowers,” Baltazar, a lawyer, added.
Under Republic Act 9510 or the Credit Information System Act (CISA), submitting entities are financial institutions that provide credit facilities and are required by law to submit both positive and negative credit data of their clients to the CIC database.
To be registered, submitting entities are required to submit their Certificate of Registration, Articles of Incorporation or Articles of Cooperation, and their Secretary’s Certificate, to the CIC’s Data Submission Team for review.
Once verified and found eligible, the entity will receive a link to the CIC’s Online Submitting Entity Information Sheet (SEIS), which will automatically generate the documents for signature of their authorized representative.
Upon validation of the submitted documents, the CIC will assign a provider code to the submitting entity, together with the credentials to access the Covered Entity (CE) Portal where the submitting entity shall encode its batch operators or the designated persons to submit data to the CIC.
“These changes apply in full for new registrants but for SEs that are already registered, there is no need to resubmit the requirements. They just need to update their SEIS through the CE Portal, which shall automatically generate the needed forms and templates such as the Secretary’s Certificate,” Baltazar said.
As of end of July, the CIC houses the credit data of 28 million borrowers or unique individuals with 97 million contract data composed primarily of installment transactions with 72.4 million records, followed by credit cards at 23.3 million, and 1.2 million non-installment transactions.