Dear Valued Members:
This is to notify you that pursuant to Republic Act (R.A) No. 9510 and its Implementing Rules and Regulations (IRR), creating the Credit Information Corporation (CIC) we are mandated to submit your Basic Credit Data[i], as well as any regular updates or corrections thereof, to the CIC for consolidation and disclosure as may be authorized by the CIC. Consequently, your Basic Credit Data may thus be shared with other lenders authorized by the CIC, and other credit reporting agencies duly accredited by the CIC, for the purpose of establishing your credit worthiness.
Rest assured that your Basic Credit Data and all other personal information shall remain confidential and shall only be disclosed to official Accessing Entity[ii] of the CIC as mandated by the law.
For more information on this matter, please contact the nearest branch or visit the Credit Information Corporation website.
Thank you.
HOLY CROSS SAVINGS AND CREDIT COOPERATIVE
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[i] “Basic Credit Data” refers to positive and negative credit information provided by a borrower to a submitting entity(Credit provider) in connection with the application for and availment of a credit facility and any information on the borrower’s creditworthiness… and other factual and objective information related or relevant thereto in submitting entity’s data files or that other sources of information: Provided, That in the absence of a written waiver duly accomplished by the borrower, Basic Credit Data shall exclude confidential information on bank deposits and/or clients fund under Republic Act No. 1405 (Law on Secrecy of Bank Deposits), Republic Act No. 6426 (The Foreign Currency Deposit Act), Republic Act No. 8791 (The General Banking Law of 2000) and their amendatory laws. (R.A. No 9510, Sec. 3, Par. b)
[ii] “Accessing Entity” refers to any submitting entity or any other entity authorized by the Corporation to access Basic Credit Data from the Corporation (R.A No. 9510, Sec. 3, Par. a)
