MYSCORE COOP : IN PREPARATION TO GLOBAL BUSINESS MINDSET
CIBI Information, Inc. | 31 March 2017
“Many of us still do not realize that the value of having a credit opportunity is synonymous to generating financial power. Creditworthiness is the same as to owning a keycard that can be used in navigating to the society of better possibilities.” Remarked by Mr. Marlo R. Cruz, President and CEO of CIBI Information, Inc. as released on Road towards Financial Inclusion, an electronic publication by CIBI last February 2017.
“Converting the practice from asset-based to risk-based credit system will level the playing field of a small entrepreneur in expanding business possibilities. A credit education to a regular Juan de la Cruz will open the gate to financial literacy. Empowering the credit facilities of lending institutions in small barrios will encourage a fisherman in buying better equipment for his bangka so he can fish further out in the sea, have a better catch and earn a better living for his family.” Cruz explained.
Since the advocacy started in 2012, CIBI Information, Inc. (CIBI) embarked in opening the roadmap to the autonomous industry of the Cooperatives. The Cooperatives are the unsung heroes for the majority of the Filipinos who do not have the access to credit facilities offered by other financial institutions. The dynamics of financial inclusion is more like an ‘alien theory’ during that period.
Through their partnership with Philippine Cooperative Central Fund Federation (PCF), the project iMCOOP was released. It is a special program that aims to improve coops’ loan portfolio and credit management. As a technical partner, CIBI offered the advantages of having a reliable credit infrastructure and system for their transactional procedures. CIBI take pride on this as a first step in molding a sustainable credit information exchange system by transforming the unbanked population into creditworthy individuals.
And as to topped off the iMCOOP program, CIBI developed the country’s first credit score called myScore Coop that was generated using alternative data sources. Cooperatives data are considered as an alternative data source because this consists of the payment behavior of the unbanked individuals or those who do not have access to banks and other financial institutions.
CIBI is the Philippines first and only local credit bureau since 1982 and was accredited by the Credit Information Corporation (CIC) as its Special Accessing Entity. FICO, on the other hand, is the world’s leader in credit scoring and analytics solutions since 1956. FICO Scores has become the global benchmark in credit scoring.
The share of expertise between CIBI and FICO has put local and global expertise combined. This serves as an assurance of a proficient and accurate credit scoring service.
Last May 19, 2017, CIBI Information, Inc. launched myScore in Bohol during the 19th Annual General Assembly of PCF.
Credit scores has become an effective tool in providing quick loan applications approvals, efficient account supervision, and risk management by progressive countries. A Credit Score is a numeric expression that represents the creditworthiness of an individual. Utilizing the advantages of a credit score is our access to global business mindset.
With the advent of consumer-centric business mindset, quick and accurate decision making strategies must be efficiently put in place. This is very relevant to lending institutions, such as the cooperatives, where the quicker the loan can be provided, the better the costumer engagement will become. Rendering great customer service always leads to business expansion and growth.
Credit scores are typically used in client segmentation and targeting, assessment on granting credit limits, event marketing and promotions and more. The advantages of using credit scores were unbounded as it was now applied even to non-credit related requirements such as employment screenings and even accreditation of reliable business partners.
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