How to Check Credit Score in the Philippines
If you have credit cards or if you’ve ever borrowed money through a loan, it’s crucial that you know how to check your credit score.
Your credit score is a number that represents your creditworthiness. As a result, it can have a significant impact on your ability to obtain any form of financing, such as credit cards and personal loans.
If this is your first time learning about credit scores, don’t panic. We can walk you through the whole process. Continue reading to get all of the information and tips you need!
What is a Credit Score?
We’ve briefly touched on what a credit score is, but let’s dive deeper for a better understanding. Simply put, a credit score is a numerical representation of how responsible you are as a borrower. It’s calculated based on information in your credit report.
A credit report is a document that includes details like your credit history, current outstanding debts, and payment history.
Are Credit Scores Important in the Philippines?
The short answer is yes. No matter where you go, your credit score is very important. That’s because lenders use your credit report and score as a basis to determine your eligibility for loans and other forms of credit. It may also affect the interest rates that you are offered.
Everything clear so far, luv? Great! Now, let’s learn how to check your credit score in the Philippines!
How to Check Your Credit Score in the Philippines
To check your credit score in the Philippines, you’ll need to request for your credit report from the Credit Information Corporation (CIC). This is the country’s main local credit bureau. Visit their website and follow the steps below:
1. Go to "Services"
2. Choose "Get your credit report"
3. Head to the CIBI Web App. Register or log-in
4. Review the Terms and Conditions, then hit "I agree"
5. Pick your Date of Appointment
6. Follow the Know-Your-Customer (KYC) process via Google Meet to verify your identity
7. Pay the required via CIBI’s available payment channels
Afterwards, you’ll receive your credit report and score within 10 business days. Make sure to review the information and check if everything is accurate and up-to-date.
If you notice any errors or discrepancies, contact the CIC immediately to request that the information be corrected.
Top 3 Reasons Why You Need to Maintain a Good Credit Score
1. It will be cheaper to borrow money
2. You’ll get the best rates in the market for car and home loans
3. You’ll be prepared for any emergencies and milestone goals in the future
Top Reasons why not maintaining your credit score can be bad for you
1. Loan interest rates will be more expensive for you
2. Not good for future emergencies as lenders can only extend a small amount (or not at all).
3. You may miss out on achieving your dreams or milestone goals
Tips for Maintaining a Good Credit Score in the Philippines
How to Get a Good Credit Score
1. Pay your bills on time
2. Keep your credit card balances low
3. Avoid too many credit inquiries
4. Monitor your credit report regularly
In addition to checking your credit score, there are several steps you can take to maintain a good credit score in the Philippines. Some of these steps include:
1. Pay your bills on time - Late or missed payments can have a negative impact on your credit score, so make sure that you always pay your bills on time. This includes credit card bills, utility bills, and other monthly payments.
2. Keep your credit card balances low - High credit card balances can also have a negative impact on your credit score, so as much as possible, keep ‘em low. Try to pay off as much of your credit card debt as possible each month, and avoid using your credit cards for unnecessary purchases.
3. Avoid too many credit inquiries - When you apply for a loan or credit card, the lender will typically perform a credit inquiry to check your creditworthiness. Too many credit inquiries in a short period of time can have a negative impact on your credit score, so it is important to limit the number of credit inquiries that you have.
4. Monitor your credit report regularly - Finally, monitor your credit report regularly to ensure that the information is accurate and up-to-date. Just to emphasize how important this step is, here’s a quick refresher on how to do it: request a copy of your credit report from the CIC and review the report carefully to look for any errors or discrepancies. Notice any issues? Contact the credit bureau right away to correct the information!
Apply for a Tonik Loan Today
Checking your credit score in the Philippines is necessary to understand your creditworthiness and manage your financial health. By requesting a copy of your credit report and score from the CIC, you can get a better understanding of your financial standing.
Additionally, by taking steps to maintain a good credit score, such as paying your bills on time and keeping your credit card balances low, you can improve your chances of being approved for loans and other forms of credit.