NOTICE TO THE BORROWING PUBLIC

Republic Act No. 9510, creating the Credit Information Corporation (CIC), and its
Implementing Rules and Regulations, mandate the submission and disclosure of
basic credit data (both positive and negative), as well as any regular updates or
corrections thereof, to the CIC. The following entities are required to submit these
data to the CIC within 30 calendar days from the time they are made available to
them by their borrowers:
Universal banks, commercial and thrift banks, including their trust
departments; rural banks and entities with quasi-banking license issued by
the Bangko Sentral ng Pilipinas, including their subsidiaries and/or affiliates
that are engaged in the business of providing credit;
Life insurance companies, mutual benefit associations, and other similar
entities supervised by the Insurance Commission;
Credit card companies;
Financing companies;
Trust entities;
Investment houses with quasi-banking license;
Non-governmental organizations engaged in microfinancing;
Government lending institutions (government financial institutions and
government-owned and -controlled corporations engaged primarily in
lending);
Cooperatives engaged in lending (e.g., credit or financial services
cooperatives); and
Other entities that may be considered eligible as submitting entity by CIC.
These basic credit data may be shared only with lenders and credit reporting agencies
that the CIC has duly authorized or accredited for the purpose of establishing the
creditworthiness of the borrower. The data may also be later accessed by the data
subject or the credit account holder.
The 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.
For more information please contact your bank, credit card company, cooperative
(or your lending institution listed under RA 9510). You may also visit CIC's website,
www.creditinfo.gov.ph.