Republic of the Philippines
Credit Information Corporation (CIC) President and CEO Jaime Garchitorena was the first guest speaker on Day One of the 2017 Real Estate Expo Manila held in SMX Convention Center in Pasay City.
Speaking before a crowd of real industry experts and professionals early Thursday morning, August 10, Mr. Garchitorena enumerated the benefits of having a credit information system. The local real estate sector is currently experiencing a boom in demand for both residential and commercial property.
According to President and CEO Garchitorena, credit reports from the CIC’s credit information system provide real estate companies with a very inexpensive yet fair, reliable and comprehensive picture of a potential client’s creditworthiness. CIC can generate a credit report in seconds, allowing real estate companies to do away with time-consuming and expensive background checks.
Also, the completeness of the credit report, which contains regularly updated credit data, is a safety net for the real estate industry as it provides protection against potential loan defaulters. Lastly, a credit report, which contains information on a borrower’s ability to pay promptly is an objective, non-discriminatory way of assessing the ability of an individual or entity to pay.
CIC is set to launch its credit information system early next year, in 2018. It will be made available through any of the CIC’s four Special Accessing Entities (SAEs), CIBI Information, Inc. (CIBI), CRIF Philippines (CRIF), Compuscan Philippines (Compuscan), and TransUnion Information Solutions (Transunion).