Credit bureau gets SAE accreditation from CIC

CREDIT BUREAU Island Credit Solution, Inc. been accredited as a special accessing entity (SAE) by the Credit Information Corp. (CIC).

“Our goal is to bridge the gap between financial institutions and borrowers, particularly those who have been underserved or unbanked. We offer fully digital services that cater not only to existing bank customers but also to those new to credit. By helping them start from zero, we contribute to a more inclusive financial system,” Island Credit Solution Deputy Chief Executive Officer (CEO) Hongcheng Zhou said in a statement on Thursday.

Island Credit Solution’s credit rating system called PhilScore gives individuals access to their credit profile using CIC credit reports. It also lets banks, online lenders, and small businesses use credit analytics for decision making.

Through the system, borrowers can be matched with alternative lenders that match their risk appetite.

“Our approach goes beyond standard credit reporting. By integrating financial and alternative data, we provide lenders with deeper insights while empowering individuals with greater financial opportunities,” Mr. Zhou said.

Island Credit Solution uses artificial intelligence-driven analytics tools for risk profile evaluation.

“The company’s analytics platform is designed for agility and scalability, making it an ideal solution for lenders of all sizes. Whether a large bank or an MSME (micro, small, and medium enterprises), financial institutions can customize credit scoring models to fit their specific needs, ensuring more precise and fair lending decisions,” it said.

It is planning to expand its services to rural and underserved areas nationwide and looking at partnering with credit bureaus in other countries to support overseas Filipino workers.

CIC President and CEO Ben Joshua A. Baltazar said the addition of new credit rating companies and SAEs will expand consumers’ access to credit data.

In 2024, the credit reports generated by the CIC doubled to 10 million from five million in 2023. There were also over 70 million borrowers and 300 million outstanding loan contracts.

“I think it is not out of bounds to expect generating roughly around 20 million credit reports this year, if not more. But right now, we’re confident that the credit market in the Philippines is actually a 100 million credit report market. That is something we can definitely achieve in the coming years. But we won’t be able to do that unless we work together and support the mass adoption of credit data for use in credit and even in valid cases of credit applications,” Mr. Baltazar said. — AMCS