The Credit Information Corporation (CIC), the country’s public credit registry and repository of credit information, has recently onboarded the Bank of Commerce (BankCom) as an Accessing Entity.
Accessing Entities or AEs are financial institutions authorized by CIC to access borrowers’ credit reports from its database.
IMAGE CREDIT: https://www.creditinfo.gov.ph/
Similar to other AEs, the Bank of Commerce now has ready access to borrowers’ comprehensive credit reports, which helps them expedite the granting of loans to its consumers.
“We are pleased to welcome another universal bank as they join our ranks of financial institutions harnessing the CIC database for their risk management and credit-decisions activities,” shared Ben Joshua Baltazar, President and CEO of CIC.
“The Bank of Commerce can now tap into the country’s most comprehensive credit database, with over 38.5 million unique data subjects and over a hundred thousand contracts in the Credit Information System,” he added.
Fast-tracking programs for lenders and consumers
In an effort to further drive CIC Credit Report utilization by lenders, the CIC also released its Fast Track Registration Program – allowing qualified financial institutions to proceed with AE registration even with only one (1) month of basic credit data submission to the CIC.
This is in contrast to the regular AE registration, which usually requires six months’ worth of credit data.
Moreover, the CIC PCEO also encourages borrowers to request a copy of their CIC Credit Reports through its Direct to Consumer (D2C) and through the AE Program, which enables them to get a copy of their own credit report through financial institutions where they have an active account.
“The end of the year is fast approaching and what better way to start the new one by becoming more informed of our credit standing. Access to our credit report empowers us to become mindful of our credit payment behavior,” PCEO Baltazar said.
“The CIC is really the better way to borrow as it helps us access more and better financial products and services offered by various financial institutions,” he added.
Financial institutions interested in becoming an AE may send an email to access@creditinfo.gov.ph and follow the official Facebook page of CIC for the latest updates and issuances.
About Bank of Commerce
Bank of Commerce, a universal bank, traces its origins to the Overseas Bank of Manila, established in Binondo, Manila, in 1963. In December 2020, the Intellectual Property Office (IPO) granted the copyright license for “BankCom” as the Bank’s official short name.
An affiliate of San Miguel Corporation (SMC), BankCom is licensed to provide a wide range of financial products and services: deposits, cash management/solutions, payments, lending, asset management, bancassurance, investment banking, foreign exchange and securities trading. The Bank has a network of 140 branches and aims to deploy more automated teller machines (ATMs) in addition to its latest fleet of 259.
According to BankCom, access to the CIC database can be utilized as a reference to gauge borrowers’ financial behavior as it contains a summary of financial transactions from a financial institution(s) from which a borrower has an account.