CODE OF ETHICS

in Exchange of Credit Information

Allan Cris Ricafort |7 May 2022

2nd sem, AY 2021-2022
Credit Information System Act (RA 9510)
PRIMER (by: Atty. Fred B. Pamaos)
♦ Republic Act No. 9510, also known as the Credit System
Information Act, is consistent with the need to establish a
comprehensive and centralized credit information system for
the collection and dissemination of fair and accurate
information relevant to, or arising from, credit and credit-
related activities of all entities participating in the financial
system.
Credit Information System Act (RA 9510)
PRIMER (by: Atty. Fred B. Pamaos)
♦ R.A. 9510 created the Credit Information Corporation,
the primary purpose of which is to:
o receive and consolidate basic credit data
o act as a central registry or central repository of credit
information
o provide access to reliable, standardized information on
credit history and financial condition of borrowers.
♦ The SEC Chairman shall be the Chairman of the Board of
Directors of the Corporation.
BASIC RIGHTS OF BORROWERS
1. The borrower has the right to know the causes
of refusal of the application
2. The borrower shall have ready and immediate
access to the credit information pertinent to the
borrower, and the right to dispute the
erroneous, incomplete, outdated or misleading
credit information before the Corporation.
3. Confidentiality of credit information.
FMGT 60 - RICAFORT 4
BASIC CREDIT DATA
“Basic credit data” refers to positive and negative
information provided by a borrower to a submitting
entity in connection with the application for and
availment of a credit facility and any information on
the borrower’s creditworthiness in the possession of
the submitting entity and other factual and objective
information related or relevant thereto in the
submitting entity’s data files or that of other sources of
information.
FMGT 60 - RICAFORT 5
ACCESS TO BASIC CREDIT DATA
The Corporation shall be authorized to release and disclose consolidated basic credit data only
to certain entities.
1. Accessing Entities - any submitting entity or any other entity authorized by the
Corporation
2. Special Accessing Entities - duly accredited private corporation engaged primarily in
the business of providing credit reports
3. Outsource Entities - any accredited third party provider to whom the Corporation may
outsource the processing and consolidation of basic credit data
4. Borrowers - natural or juridical person that applies for and/or avails of a credit facility
5. Non-accessing Entity - an entity other than a Submitting Entity, Special Accessing
Entity or Borrower that is authorized by the Corporation to access credit information
from a Special Accessing Entity
FMGT 60 - RICAFORT 6
ACCESS TO BASIC CREDIT DATA
NOTICE TO BORROWERS
♦ Each submitting entity shall notify its borrowers
of the former’s obligation to submit basic credit
data to the Corporation and the disclosure
thereof to the Corporation, subject to the
provisions of this law and the implementing
rules and regulations
FMGT 60 - RICAFORT 7
 CODE OF ETHICS
♦ The Credit Information Corporation (CIC) adheres to the
policy of the State to promote a high standard of ethics in
public service.
o Commitment to public o Responsiveness to the public
interest o Nationalism and patriotism
o Professionalism o Commitment to democracy
o Justness and sincerity o Simple living
o Political neutrality

FMGT 60 - RICAFORT 8
 CODE OF ETHICS
Prohibited Acts and Transactions

1. Financial and material interest.

2. Outside employment and other activities related
thereto.
3. Disclosure and/or misuse of confidential
information.
4. Solicitation or acceptance of gifts.

FMGT 60 - RICAFORT 9
 CODE OF ETHICS
Conflict of Interest

♦ When a conflict of interest arises, the CIC

Director, officer and employee concerned shall
resign from his position in any private business
enterprise within thirty (30) days from his
assumption of office and/or divest himself of
his shareholdings or interest within sixty (60)
days from such assumption.
FMGT 60 - RICAFORT 10
 End of this Module.

FMGT 60 - RICAFORT 11