CIC generates 10M credit reports in 2024

The state-run Credit Information Corp. (CIC) generated 10 million credit reports in 2024, doubling the previous year's figure, as part of the agency's push to make credit data a standard tool in lending decisions.

- By KEISHA TA-ASAN

Despite the growth, CIC said the potential remains vast, with an estimated 100 million credit reports needed to be served over 70 million borrowers and around 300 million outstanding loan contracts.

CIC president and CEO Ben Baltazar said the increase in report generation reflects a growing awareness of the importance of credit data, but challenges remain in ensuring its widespread use.

"Many credit decisions in the Philippines are still not based on actual credit data. By accrediting new special accessing entities (SAEs), we are working to change that. The market is underserved, and we need innovative players to help expand access to credit," he said.

Under Republic Act 9510, or the Credit Information System Act, the CIC is tasked with maintaining the country's centralized public credit registry to provide reliable borrower information to banks, lending institutions and other financial entities.