May 16, 2022
Nova Credit partners with CRIF to launch first CIC credit report service for Filipinos in Hong Kong
Nova Credit is pleased to announce the launch of the Credit Information Corporation (CIC) credit report service, in partnership with CRIF, for Hong Kong-based Filipinos.
With the support of CRIF’s international operations, NOVA is the first Hong Kong credit reference agency to offer CIC credit reports upon the request and consent of Filipino individuals. The CIC credit report enhances the effectiveness of Filipino domestic helpers’ employment checks and can be used for a better understanding of their credit backgrounds.
The CIC is the Philippines’ sole public credit registry and repository of credit information, hosting the credit data of 30.7 million individuals with more than a hundred million loan contracts. It is the largest, most comprehensive credit database in the Philippines and derives its mandate to collect, consolidate and disseminate the credit data of Filipino borrowers under Republic Act No. 9510, otherwise known as the Credit Information System Act (CISA). With data coverage spanning over 30 million borrowers, or approximately 45 percent of the country’s adult population, its data represents a significant portion of credit activity in the Philippines. Unlike other providers, CIC’s credit report consolidates both the positive and negative credit data of borrowers across different loan types, thereby providing a comprehensive view of an individual’s creditworthiness.
In protecting the privacy of personal data, the facilities and operations of the Nova Customer Service Centre fully comply with the relevant requirements under the Personal Data (Privacy) Ordinance.
CIC President and CEO Ben Joshua Baltazar remarked: “We are thrilled to be working with Nova Credit Limited in Hong Kong. There are currently over 200,000 Filipinos working in Hong Kong and having convenient access to their credit reports to prove their creditworthiness, through this service, will be very helpful to them in accessing credit facilities and even securing employment opportunities.”
Vincenzo Resta, Regional Executive Director of CRIF, added that “CRIF has been committed to digital financial inclusion for many years. We are thrilled that we can continue to increase this inclusion by supporting the creation of a regional financial infrastructure.”
“The CIC credit report ensures the feasibility for employment checks and satisfies the demand for background checks as well as a more thorough understanding of credit status, hence enabling better financial and employment inclusion,” according to Samuel Ho, Chief Executive Officer of Nova Credit.