CRIF, as an accredited SAE, provided valuable insights into application processing and business information solutions to help credit organizations better assess risk and business partners.
The CIC selected its SAEs, defined as duly accredited private corporations providing credit reports, ratings, and credit information services, by considering their ability to operate a credit bureau business, their experience, market share, product quality and development, financial growth and sustainability.
Jaime P. Garchitorena, CIC’s President and CEO, remarked that SAEs are essential to the credit information ecosystem of the country as they create innovative value-added products and services which can improve Filipinos’ access to credit, as well as acting as distribution channels for credit reports to lenders and borrowers on behalf of the CIC.
Moreover, the submission of data to the CIC provides an opportunity for the member-borrowers of the cooperatives to add positive credit value to their name and could help them prevent over-borrowing. This will also assist cooperatives in their lending processes by allowing them to view and understand the level of exposure of their members prior to approval of their loan applications. Cooperatives will also be able to assess previous unpaid exposures of their member-borrowers, thereby protecting themselves from potential habitual defaulters. CIC credit information can help assess risk and borrower credibility and allow the cooperative to reward low-risk borrowers with better rates, larger amounts, and longer terms of payment.
