Do we have the capability to safeguard these data? I think not. Like all government institutions, we can bribe anyone with access for delicate info. I don’t think we can safely do this.

We have credit scores? I didn’t know that. Where do I find out about mine?

Thanks!

my concern here is also on privacy issues. there must be strict rules on access to the database to persons or entities with business need-to-know plus the safeguards against unauthorized access

This is one of the greatest news for the Philippine financial world. Lots of people are borrowing left and right and just run away. With this bureau, all credit activities will be recorded.

It will give the good borrowers lower interest and penalized those who are bad borrowers.

my only worry about this is that the database might get hacked. im not really sure how they will go about keeping the information private, but they should better have the security measures in place before they implement it. if banks and financial institutions in the US and UK can get hacked, how much more in pinas? i’m not saying we’re behind in technology, but people are the weakest link in security, and you know how careless pinoys are.

safeguarding data is one risk, given the hacking talent of Pinoys hahaha!

it’s a step in the right direction, but i’m wary about the fact that there seemed to be no competition given that based on the report, they’re the only ones who’d provide credit information.

Do I still have to explain the merits of competition? I believe that the current (American) western set-up (were this law was obviously copied) works well. Why? There are currently three major credit ratings agencies used internationally, or at least for US based businesses. Experian, Trans-Union and Equifax. Obviously, if you try to manipulate the other records, you’ll have some difficulty explaining why the other two have very different picture.

Now, given the propensity of pinoy politicos to manipulate whatever that they get their hands into, i have my doubts but would give them the benefit of the doubt pa rin.

All laws enacted are good. Is that a safe statement? I would assume so. They’re for the good of each one of us. When do they become useless for the many and useful to a few? It’s in the execution.

1. Who’s going to head CICC? Wil he/she be the BFF of the current administration?
2. What role do relatives, friends, lovers and their close ladies and gentlemen play in the hiring?
3. Are those in number 2 going to have a perfect credit score?

Of course, those are just hypothetical questions. But given our experiences, are my questions still hypothetical?

safeguarding private or confidential data is useless pag tinapatan ng malaking pera for such info they want.

I do not agree that there should be competition in credit information and/or credit score.

How can a bank decide on giving a loan if the various credit agencies have their own unique scoring system. Imagine a university registrar having difficulty in admitting students because each students’ high school has a different grading system. For one school its just a pass or fail, another a grade from 1.0 to 4.0, another letters A to F, another 65-100%, etc. you get the picture. How can the registrar decide if having a grade of 2.0, C, VG is enough for university admission? In the UK, its much easier, since all high school grades are standardized it is easier for universities to know who is fit to enter university.

It’s great that they are doing this, but the information might be sold if the price is right.. if you know what I mean.