THREE more credit bureaus—two foreign and one local–have been accredited as special accessing entities (SAEs) of the Credit Information Corp. (CIC), bringing the total number of SAEs to four after Transunion Information Solutions Inc. secured the CIC accreditation in May this year.
The CIC formally accredited foreign-owned corporations CRIF Philippines and Compuscan Philippines, and locally owned company CIBI Information Inc. through a Subscription Agreement signing held in Makati City on Monday.
“The accreditation process takes into consideration first the basic qualities of the credit bureaus. Prior to the accreditation we have to look to their international reputation–were there any adverse reports to their behaviors in handling data, or if they have the financial capacity and capabilities to do business in the Philippines,” CIC president and chief executive officer Jaime Garchitorena, said.
Fully accredited SAEs shall be granted regulated access to the CIC’s credit data, which will serve as elements to the SAEs’ statistical models and as the base for a wide range of off-the-shelf and value-added products.
According to the CIC, these entities will be in close partnership with the CIC in the development of these models and products and shall be included in the market development and awareness roadshows that the CIC conducts in collaboration with International Finance Corp. and USAID.
These SAEs, while having presence in all major cities and economic centers, will also have different specific markets to their products ranging from serving banks to specialized lending in the unbanked market, the CIC noted.
“The accreditation was done both to assure the quality of services that the SAEs will deliver and to change the public’s perception about borrowing and utilization of credit,” Garchitorena said.
He said the other two credit bureaus that were provisionally accredited earlier have been given until September to comply with the requirements in order to secure their full accreditation.
“They have to set up a corporation in the Philippines, which is not always that easy for foreign entities. There has to be a very specific purpose involved, so many things can go into it,” he said, referring to Credit Bureau Singapore and Dubai-based Dun and Bradstreet South Asia Middle East Ltd.