We’ve already heard about credit scores in the Philippines. But just how important are they, really?
Alam mo ba na ang credit score ay malaking bagay para sa ating financial journey? And it takes legit credit to get a credit score, lalo na kung interested ka kumuha ng loan at credit cards in the future.
Just picture this: you’ve been saving up for your dream car or working extra on the side to put into your MP2 para sa dream house mo.
Kaso it’s taking longer than usual to reach for those goals… at ngayon palang, pagod ka na.
Kaya anuman ang nasa wishlist mo in this lifetime, spending your savings is not the only way. In fact, you can always take out a loan or credit card na may flexible repayment plans!
So what do you do next? Edi mag-a-apply ka sa bank! You might think mukhang legit enough ka naman to meet your preferred bank’s criteria… pero aside from having a stable income and work experience, ano ba talaga ang unang-unang tinitignan nila?
Well, that’s where credit score comes in. After all, hindi naman basta-basta lang magbibigay ng credit card o loan ang mga bangko sa kahit sino.
In the Philippines, banks consider a person’s credit score as the first basis for deciding to approve or reject their credit application. Ito rin ang ginagamit ng iba pang financial institutions to measure your credibility when you apply for mobile postpaid plans, mortgages, and other services.
BUT WAIT! There’s more
Actually, nasa Philippine Constitution yan. Ang credit reporting at scoring ay naka-authorize sa Credit Information Corportation (CIC), na in-establish pagkatapos ipasa ang Republic Act 9510 - Credit Information System Act noong 2008.
Ibig sabihin, banks, insurance firms, telcos, and cooperatives, must submit their clients’ credit histories to the CIC para magawan nila ng mga detailed credit reports.
As for scoring naman, meron 3 accredited bureaus that compute credit scores in the Philippines, namely, CIBI Information Inc., TransUnion, at CRIF Philippines.