Updated Mar 13, 2019, 2:29:06 PM
Metro Manila (CNN Philippines) — A good credit score would allow Filipinos to get the money that they need to finance their dreams.
But how do banks and lending institutions assess your credit data?
International credit bureau company CRIF has been assisting the Philippines in understanding financial data gathered from the CIC credit registry and internal financial institution information.
"The core idea of CRIF is to help the lender take better credit decisions on loans, on individual and companies. To do so, Lenders trust a third party to share information about customer behavior and repayment," said Simone Colombara, managing director of CRIF Corp. Philippines.
CRIF doesn't work alone. It's partnered with the Small Business Corporation, a government-owned and operated corporation that promotes financial inclusion to micro-entrepreneurs such as small farmers and store owners.
"Small Business Corporation is affiliated with a large number of credit delivery partners such as rural banks and cooperatives to facilitate lending and reach rural areas in the country," said Aprille Quevedo, Senior Sales Executive for CRIF Corporation.
CRIF gives government the platform, and government uses the platform to reach out to more users.
Together, the two companies plan to reach even the farthest-flung areas of the Philippines to make credit accessible to all.