What is CISA?

R.A. 9510 otherwise known as Credit Information System Act (CISA) is a law passed in 2008 creating the Credit Information Corporation (CIC). The Securities and Exchange Commission (SEC) is the lead government agency to implement the CISA, in coordination with other relevant government agencies in the adoption of the IRR.

What is CIC

CIC shall be owned 60% by the National Government (NG) and 40% by industry associations of banks/quasi-banks and association of consumers

What is the policy behind CISA

To address the need for a comprehensive, centralized, and reliable credit information system intended to:

  1. Improve the overall availability of credit to MSMEs
  2. Provide credit information at the least cost to eligible participants
  3. Ensure the protection of consumer rights and the existence of fair competition in the industry at all times
  4. Reduce the overall credit risk thereby contributing to a healthier and more stable financial system

What is Date Subject?

Refers to an existing borrower or loan applicant or anyone who in anyway applies or avails of a credit facility.

What is credit facility

Refers to any loan, credit line, guarantee, or other form of financial accommodation.

What is Positive Credit Information

Refers to information or data concerning the credit performance of a borrower, such as, but not limited to information on timely repayment and delinquency.