In 2008, CISA law set out the powers and roles of the Credit Information Corporation (CIC) whose primary mandate is to construct a centralized and comprehensive credit information system for the collection and dissemination of accurate and fair information relevant to, or arising from, credit and credit-related activities of all entities participating in the Philippines’ financial system.
CRIF was invited to present the positive impact of the credit bureau, with Laura Bovelacci, Senior Consultant at CRIF, giving a speech on the benefits of a credit bureau for non-life insurance companies, delving in the correlation between policy and credit risk, the advantages of sharing claims information and being one step ahead of compliance requirements.
