The Credit Information Corporation (CIC) on Wednesday reiterated that the 401 lending companies recently ordered closed by the Securities and Exchange Commission (SEC) are still required to submit credit data in observance of Republic Act No. 9510, or the Credit Information System Act (CISA).
The CIC said this obligation would sustain transparency and accountability in the financial sector.
“All lending and financial companies are legally obligated to report credit data to the CIC. This helps keep the credit information system complete and reliable, protecting both borrowers and lenders,” said CIC president and chief executive Ben Joshua Baltazar.
CIC said that as of June 2025, it has 318 registered financing and lending institutions actively submitting credit data, in addition to the 401 firms whose licenses were revoked.
Under the law, only entities that consistently submit borrower data are allowed access to the CIC database.
“Legally compliant institutions ensure that individuals’ credit activities are properly recorded and reflected in their credit history, contributing to a more accurate, transparent, and trustworthy credit system,” Baltazar said.
The CIC also asked the public to transact only with lenders and financing companies duly registered with both the SEC and the CIC.The agency cautioned against dealing with unregistered lenders, as transactions with such entities may go unreported and cause a breach of personal and financial data.
