“The State recognizes the need to establish a comprehensive and centralized credit information system for the collection and dissemination of fair and accurate information relevant to, or arising from, credit and credit-related activities of all entities participating in the financial system. A credit information system will directly address the need for reliable credit information concerning the credit standing and track record of borrowers.

The operations and services of a credit information system can be expected to: greatly improve the overall availability of credit especially to micro, small and medium-scale enterprises; provide mechanisms to make credit more cost-effective; and reduce the excessive dependence on collateral to secure credit facilities.

The State shall endeavor to have credit information provided at the least cost to all participants and shall ensure the protection of consumer rights and the existence of fair competition in the industry at all times.

An efficient credit information system will also enable financial institutions to reduce their over-all credit risk, contributing to a healthier and more stable financial system.”

- Republic Act No. 9510 - Credit Information System Act (CISA) | Credit Information Corporation

“The Credit Information Corporation (“CIC”) was created by virtue of RA 9510 of the Credit Information System Act of 2008 (“CISA”) to receive and consolidate basic credit

data, to become the central repository of credit information, and to provide access to reliable, standardized information on credit history and financial condition of borrowers.

In order to achieve its mandate, CISA provides that all entities that offer credit facilities or any loan, credit line, guarantee or any other form of financial accommodation must register as a submitting entity of the CIC.”

- Initial Compliance Stage for Submitting Entities | Credit Information Corporation