How To Check My Credit Score Philippines? (2024)

In the world of finance, your credit score is like your financial passport. It dictates your ability to get loans, credit cards, and even influence things like insurance premiums. Understanding your credit score and how to check it in the Philippines is crucial for managing your financial health.

What is a credit score?

A credit score is a three-digit number that represents your creditworthiness. Lenders use it to assess how likely you are to repay a loan. In the Philippines, the Credit Information Corporation (CIC), along with private credit bureaus, calculate credit scores based on your financial history.

Why you should check your Credit Score

• Loan Approvals: A good credit score increases your chances of getting loans approved and can help you secure better interest rates.
• Error Detection: Checking your credit score allows you to spot errors or fraudulent activity on your credit report and dispute them quickly.
• Financial Understanding: Monitoring your credit score helps you understand your overall financial health and how your actions impact your creditworthiness.

Some Factors affecting Credit Score

• Payment History: Timely bill payments have the biggest positive impact on your score.
• Credit Utilization: How much of your available credit you’re using. Keeping it low is better.
• Length of Credit History: A longer credit history demonstrates responsible financial behavior.
• New Credit: Too many new accounts in a short period can hurt your score.
• Types of Credit: Having a mix of credit types (credit cards, installment loans) can slightly improve your score.

How To Check My Credit Score Philippines

Here are the main ways to get your credit score in the Philippines:

1. Credit Information Corporation (CIC):
   • Visit the CIC website (https://www.creditinfo.gov.ph/) to request your CIC Basic Credit Report, which includes your credit score.
   • Access your report online, by mail, or by visiting the CIC office in person.
2. CIBI Information Inc.:
   • Download the CIBIApp from the Google Play Store or App Store.
   • Create an account and pay the fee to access your credit report and score.
3. CRIF Philippines: Contact CRIF directly to inquire about their process for obtaining your credit report.
4. TransUnion Philippines: Similarly, contact TransUnion to see how to obtain your report from them.

How to get your CIC credit report in the Philippines

You can choose the most convenient method:

• In-Person: Visit the CIC office in Makati City.
• Online: Access the CIBIapp or the CIC website.
• By Mail: Send a request form to the CIC.

Note: There are associated fees for obtaining your credit report from any of the bureaus.

How to Improve Your Credit Score

• Pay bills on time: Your payment history is the most significant factor.
• Keep credit balances low: Don’t max out your credit cards.
• Limit new credit applications: Avoid opening too many accounts at once.
• Check for errors on your report: Dispute inaccuracies promptly.
• Become an authorized user: Ask to be added to a responsible person’s credit card account (if possible).

Conclusion

Checking your credit score in the Philippines is an essential part of financial responsibility. By understanding your score and taking steps to improve it, you open doors to better loan terms, financial opportunities and demonstrate your creditworthiness.