What is Republic Act 9510?

Republic Act 9510 otherwise known as the Credit Information System Act (CISA) is a law passed in 2008 creating the Credit Information Corporation (CIC). It is consistent with the need to establish a comprehensive and centralized credit information system for the collection and dissemination of fair and accurate information relevant to, or arising from, credit and credit related activities or all entities participating in the financial system. A credit information system will directly address the need for reliable credit information concerning the credit standing and track record of borrowers. An efficient credit information system will also enable financial institutions to reduce their overall credit risk, contributing to a healthier and more stable financial system.

What are the functions of the Credit Information Corporation (CIC)?

The Credit Information Corporation (CIC) is mandated to act as a central registry or central repository of credit information and to provide access to reliable and standardized information on the credit history and financial condition of borrowers.

Who are the entities required to submit the credit data of its borrowers to the CIC?

Participating submitting entities include, among others, banks, quasi-banks, their subsidiaries and affiliates, credit card companies, insurance companies and other entities which provide credit facilities are required to submit the credit information of its borrowers and thereafter update the same on a regular basis to the CIC.