PH Credit Score System & Credit Reporting Centers [BAPCB, CCAP, CIC, CMAP, TU, etc] | FAQ p.1
1. You make your payments on time
You should do a great job in making all of your payments on time. The purpose of a credit score is to help lenders predict whether or not you will miss payments in the future, so keeping your record clean is a very positive factor.
2. You should not max out your credit limits
Credit cards are considered "maxed-out" when you have spent 90% or more of the credit limit. Lenders view you as someone who uses their credit responsibly and spends only what they can afford.
3. You should build a strong relationship with lenders
Lenders recognize that with higher credit limits comes increased responsibility, and that you have managed to build strong relationships with other lenders. Your relatively high credit limits signal to lenders that you are a trustworthy candidate for new lines of credit.
4. You should not spend beyond your means
You do not apply for a lot of new accounts. Having a lot of inquiries on your credit report worries lenders, because it is a sign that you may use credit and loans to supplement your income, and might be spending beyond your means.
As what TU suggests, the 30% credit utilization is nowhere indicated.
To simplify, factors that may affect your score are: 1) On time payments 2) Do not max out credit limit 3) Build strong relationship with other Banks 4) Do not spend beyond your means
Credit Information Corporation (CIC)
The Credit Information Corporation (CIC) is a government-owned and controlled corporation that is envisioned to be the leading provider of independent, reliable and accurate credit information in the Philippines.
CiC was created in 2008 by virtue of Republic Act. No. 9510, otherwise known as the Credit Information System Act (CISA).
TransUnion Philippines (TU)
We are a trusted provider of global information solutions for assessing and managing risk.
Information is a powerful thing. At TransUnion, we realize that and are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information, as well as alternative data sources. This allows for a variety of markets and businesses to better manage risk, and consumers to better manage their credit, personal information and identity. Today, TransUnion reaches consumers and businesses in more than 30 countries around the world on five continents. Through the power of information, TransUnion is working to build stronger economies and families, and safer communities worldwide. We call this Information for Good.
Learn more about our organization—our history, people and policies that help us create advantages for consumers and businesses in the Philippines and throughout Asia.
2011: TransUnion partners with some of the biggest banks in the Philippines—Bank of the Philippine Islands (BPI), Banco de Oro Unibank (BDO), Metrobank Card Corporation, HSBC and Citibank Philippines—to launch the country’s first comprehensive private credit bureau, strengthening the Philippine financial system through increased access to credit for borrowers and reduced risk to lenders.
As a credit bureau, TransUnion helps consolidate a credit information system and the collection and sharing of both positive and negative credit data. Only contributing TransUnion members (credit providers such as banks, financing companies, fintechs, utilities) are given access to credit information in the form of a credit report, consumer bureau score and additional value-added services.
Thanks for sharing the info @wavemaker!
as of August 7, 2019https://www.transunion.ph/
CIBI Information Inc. (CIBI)
Credit Utilization Ratio
Q: How do banks "grade" their possible customers (All Types of Loans)?
Credit Score System & Credit Reporting Institutions
Bankers and the like, you may provide actual feedback on how this works.
Considering you are a first time applicant, have all the requirements (and probably meant) for a loan/credit card. Is there a certain "scoring method" on you customers are graded and whether they will be approved or not?
- Let bad debts/ delinquent payers go. Obviously they won't approve having that kind of "disqualification."
This is also applicable sa mga CI - what are the odds na babagsak ka sa credit investigation - providing what you write in your application form is basically the same as what you say during the CI interview
Ang alam ko, pag narinig yung fillers, sometimes, declined na agad. Tama ba?