HOW AND WHERE TO GET A CREDIT REPORT
CIBI Information, Inc. | 09 August 2015
What is a credit report and why would you want to get one in the first place? A credit report is a detailed account of credit history that is used by lenders to determine if a borrower can make payments on time or not. It is a big factor for the approval for loans and credit cards which also affects the kind of interest rate that someone is given. It contains personal information on credit borrowers such as their educational background, credit record, and employment history that allows banks and financial institutions to manage risks with lending.
By having a reliable Credit institution that provides a Credit Report benefits the credit system in the country by improving credit portfolio. The system increases the volume of credit transaction which expands access to credit information and will decrease information gaps between borrowers, lenders, individuals and other institutions.
You can get credit reports from credit bureaus such as CIBI Information, Inc. The Credit Bureau unit is able to supply personal, credit, legal, and employment records for assurance of an individual’s reliability which is also helpful in applying loans for companies or businesses.
Credit scoring and report is relatively new in the country. Due to the presence of Credit Information Corporation (CIC) in the Philippines, soon we will be transforming from asset-based to risk-based.