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, 2017, 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 could provide real estate companies with inexpensive yet fair, reliable and comprehensive picture of a potential client’s creditworthiness. The process for obtaining credit reports by the accessing entities from the CIC is automated and, depending on the connectivity, may take just a few seconds. This mode is less expensive and would 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.
By 2018, the CIC will allow authorized entities to have greater access to its database and CIC's credit reports could also be obtained from any of its four (4) accredited credit bureaus namely: CIBI Information Corporation, Compuscan Philippines Inc., CRIF Philippines, and Transunion Information Solutions Philippines.