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Credit Reporting Agencies - Philippines

Discussion in 'Banking - Investing - Finances' started by Rye83, May 13, 2019.

  1. Rye83

    Rye83 with pastrami Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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  2. furriner

    furriner DI Forum Adept

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    Thanks Duncan. I was totally incorrect. I suspect that only middle, upper class Filipinos who take out large bank loans such as home mortgages and business loans get inducted into the Philippine credit system. Perhaps credit card holders too? I learned something new.


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  3. OP
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    Rye83

    Rye83 with pastrami Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    Who is Duncan? :o o:

    I think this is going to become I much more common thing to deal with for the average working Filipino.

    The Republic Act that covers this is R.A. 9510 - Credit Information System Act and took effect in September 2008.

    Never met a local that knew what their credit score was...or even what one was (unless they had spent time residing in the West). I would bet that most banks are reporting to the agencies but just don't tell their customers they are doing it or why they were turned down for a loan.

    I'm sure that obtaining your credit score here is a real pain like it was in the US about a decade ago (it is still impossible to get your full credit report with score for free from the reporting agencies in the US). It will likely be awhile before they have any type of 3rd party app available like in the West since the vast majority of locals don't even know it is something you should be paying attention to.
     
  4. TheDude

    TheDude DI Forum Patron Highly Rated Poster

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    Duncan, sort of like Dunkin' as in Dunkin Donuts. He must have seen the before and after pics you just posted on FB.

    I'm guessing mass market something credit score here won't look like it does in the US. Any credit score system here would probably only deal with the well off. What percentage of people here don't have bank accounts?
     
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  5. furriner

    furriner DI Forum Adept

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    I thank him for his comments. When it comes to the topic of credit scoring, I have no bias and consider the perspective of clowns to be just as important as anyone else’s.


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  6. TheDude

    TheDude DI Forum Patron Highly Rated Poster

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    The only way I could pay attention to a talk about credit ratings is if it were acted out by a clown.
     
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