Credit Bureau is a facility that engages in collating, developing and transcribing credit information to provide an analytics on the credit standing, score and ratings of individuals, institutions and business entities.
CIBI is continuously nurturing its expertise in transforming credit information to a substantial analytics that will help guide individuals and businesses into efficient financial decision processes. The Credit Bureau System is a tool by which it uses an algorithm where raw data are transformed into comprehensible statistics for a real business value.
CIBI aims to improve the lives of the Filipinos and endeavors to transform unbanked into bankable individuals; to provide channels to credit facilities for cooperatives, and to contribute in the growth of the economy.
The following are the benefits of the credit bureau system in the country.
a. Credit Bureau System will allow lending institutions to accurately evaluate risks and improve quality of credit portfolio.
b. The system will increases the volume of credit transactions and will expand the access to credit information and technology.
c. This system will decrease information gaps between borrowers and lenders; individuals, companies and other financing institutions.
d. Eases adverse selection problem and lowers the cost of credit for a good borrower
e. Supports the introduction of credit scoring, add more value to credit products and automated underwriting, lowers lender operational costs and improves profitability.