Atlanta, GA, May 04, 2016 --(PR.com
)-- The Credit Information System Act of 2008 (CISA Law), which regulated the establishment of the CIC as a credit information system in the Philippines, defines the role and scope of a centralized and comprehensive credit information system which is not allowed to provide any added-value services.
SAEs or private credit bureaus, as they are widely known, are defined by law as a duly accredited private corporation engaged primarily in the business of providing credit reports, scoring and credit information services to support the lending sector and help extend access to credit to a wider segment of the economy and especially to MSMEs (micro, small and medium enterprises).
Thanks to its credit solutions suite, CRIF is able to support the Philippine market with value-added services ranging from the summary and aggregation of credit reports in a user-friendly and intuitive layout, to credit scores to precisely rank credit risk for the retail and SME sectors, and approval advice that takes into consideration the risk-taking attitude of a specific lending company providing an analytical-based decision.
Last year CRIF started a nationwide credit roadshow, organizing more than 20 workshops in Manila and across several Philippine provinces to promote the advantages of using credit information in lending practices and explain how the company is able to support large, medium and rural lending organizations by combining its international know-now with local needs and requirements.
With over 25 years of experience in the international credit information market, developing credit bureaus in Italy, the Czech Republic, the Slovak Republic, Ireland, Russia, Morocco, Benin, Vietnam, Jordan, the UAE, Tajikistan and Jamaica, CRIF has consolidated its presence in Asia where it currently manages credit bureaus in Indonesia, India and Vietnam.
Simone Colombara, Managing Director of CRIF Philippines, said, “CRIF is proud of the recognition that the CIC and the overall market has given us in terms of the promotion of credit culture over the last 3 years. CRIF’s international operations serve lenders that are looking to offer their services within the Association of Southeast Asian Nations (ASEAN) and Overseas Filipino Workers (OFW). CRIF localized solutions enable medium/small lending institutions to automate loan application processing and to improve risk management.” Speaking about 2016, Colombara added, “Considering the success of the CRIF roadshow in 2015, we are going to replicate the same initiative this year and involve even more lending institutions.”
Lamberto Barbieri, Asian Managing Director, concluded, “Thanks to CRIF’s presence and tailored solutions, we are an ideal partner for lenders that operate on local, regional and global levels. We are committed to expanding the breadth of our product offering and to helping organizations grow with risk management solutions targeting both developed economies, such as Hong Kong, mainland China and India, and emerging Asian markets, such as Indonesia, the Philippines and Vietnam. CRIF leverages synergies and core skills with an understanding of the local culture and unique market needs; this is key to providing greater flexibility and keeping quality standards high.”