MANILA, PHILIPPINES - APRIL 2020. The Credit Information Corporation (CIC) partners with Moneymax to educate Filipinos about the importance of having access to one's credit history. CIC is the Philippines' government-owned and controlled central credit registry. This is the first partnership between the two companies as they aim to promote financial literacy on credit information in the Philippines.
Pushing the importance of accurate credit information
CIC tapped Moneymax to help increase awareness of CIC’s role in helping consumers get access to their own credit data and history. Moneymax will publish customized articles, videos, and infographics to educate Filipinos about the importance of credit reports and their right to accurate and reliable credit information.
“Our mission is to help Filipinos lead a healthier financial life. Access to credit is an important pillar of a healthy financial life. Financial institutions rely on CIC’s credit reporting database to make decisions on who gets approved for credit. It’s very essential that Filipinos understand what goes into their credit history and improve transparency on credit reporting,” shares Munmun Nath, Moneymax’s Managing Director for Marketing.
“The CIC is the only government agency tasked to undertake a continuing nationwide educational campaign to promote the benefits of a credit information system to the economy. As we continue to combat the economic backlash of COVID-19, we need to reach as many Filipinos as possible about the value of responsible borrowing and credit data sharing. This is why we look forward to working with Moneymax on this financial literacy initiative,” says Aileen L. Amor - Bautista, CIC’s SVP for Business Development and Communications Group.
Credit information made accessible in a few clicks
Today, one can do everything online—from shopping and paying bills to even opening a bank account. Because of this, it is not a surprise that you can also access your credit information online. In September 2019, the CIC launched its Online Appointment Scheduler (CICOAS) and Online Dispute Resolution Process (ODRP) on its website. The CICOAS is the CIC’s online appointment scheduler, designed for individuals who would like to request their credit report at the CIC office. The ODRP helps consumers who obtained a copy of their CIC Credit Reports to dispute inaccuracies or discrepancies submitted by financial institutions to the CIC database. Customers can file for dispute resolution through ODRP online, without the need to go to the CIC office.
Through these tools, CIC ensures the consumers can have access to their own credit history at a minimal cost and also have their credit report corrected should there be discrepancies or outdated information. Using a web and mobile application, the CIC is planning to launch an efficient and secure method to have Credit Reports available online. The general public will soon be able to access these reports regardless of their location through CIC’s accredited credit bureaus. As part of this partnership, Moneymax will publish engaging content that will promote consumer's understanding of how to benefit from such services.
To learn more about the CIC, visit www.creditinfo.gov.ph and follow their social media accounts including Facebook and Linkedin. Also, regularly visit the Moneymax website for articles about credit information in the Philippines. For more updates about this partnership, follow @moneymax.ph on Facebook and Instagram, alongside @moneymaxph on Twitter.
Read Moneymax and CIC's first partnership article: What Is a Credit Report and Why Do I Need it?
Moneymax is an online comparison platform for financial products such as car insurance, credit cards, and loans. The company aims to drive financial inclusion in the Philippines by helping Filipinos make smarter life decisions through financial education and comparison. Driving financial literacy is core to Moneymax’s mission and it does so through its blog and social media channels.
Established in 2014, Moneymax started by offering car insurance and has branched out to banking products like credit cards and loans. In 2020, Moneymax launched Gadget Protect, the country’s first digital mobile protection product.
CompareAsiaGroup is the parent company of Moneymax that operates in six markets in the region: Singapore, Hong Kong, Taiwan, Thailand, Malaysia, and the Philippines. In 2019, CompareAsiaGroup welcomed one of its biggest investors, Experian, who led the series B1 funding of $20 million to help deliver the Group’s mission of empowering people to build healthier financial lives.
About Credit Information Corporation
The Credit Information Corporation (CIC) is a government-owned and controlled corporation providing a credit information system in the Philippines. Created in 2008 by the Credit Information System Act (CISA) to establish a centralized, comprehensive credit information system for the collection and dissemination of accurate and fair information relevant to, or arising from, credit and credit-related activities of all entities participating in the financial system. This credit information is collected from various sources such as banks, financial institutions, insurance companies, financing companies, credit cooperatives, as well as utility companies, government lending institutions, and other businesses that extend loans. The CIC receives, processes, secures, and stores the financial credit data of over 11 million Filipino borrowers across 500 financial institutions which will be used to fairly and accurately assess the credit history and financial condition of borrowers.