Your credit score, report, and history are related to each other but differ from one another.
As mentioned earlier, your credit score is a three-digit number representing your creditworthiness or the ability to pay off any loan in a certain amount of time or any information you have declared during the application. On the other hand, a credit report is a comprehensive summary of all your financial transactions, such as personal data (name, address, phone number, and others), balances, and missed payments. Credit history records a person’s ability to repay his or her debts over the years.
What is a Good Credit Score?
In the Philippines, credit score ranges from 300 to 850, with the latter being the highest rating. However, the 700-759 range is already a pretty good number, 600-699 is a fair score, 600-649 is poor and below 600 means you have a bad credit record.
How’s your credit score?
Now that we have understood what credit score is and how it affects your loan applications and finances in general, it’s about time to ask, how’s your credit score?
There are two ways to check your credit score in the Philippines -request it via CIC credit report in person or via the CIBIApp web application.
To request a copy of your CIC credit report, go to the CIC website and follow below:
- Click “services”
- Click “Get a CIC Credit Report”
- Read the Terms and Conditions and click “I Agree”
- Pick your preferred appointment date
- Input the necessary information, then download and print your application form.
After that, visit the CIC office in Makati to check your credit score.
You may also request a credit report through CIBIApp, but they will require you to undergo a character verification step via online call.
Great! We hope this article is helpful in understanding your credit score. Next month, let’s discuss why a good credit score is important.