4 Replies Latest reply on Nov 26, 2017 9:51 PM by lawrence0921

    Does Globe submit delinquency reports to CMAP? How does this affect your credit score?

    lawrence0921

      Hello! I have a few very important questions. I have 4 postpaid accounts with Globe and there are instances that I sometimes fail to pay my bills on time (usually late for 3-5 days but always before the next cutoff) although all of my accounts are still active.

       

      One miserable example would be when I renewed my contract last April 2013 so I could get the Samsung Galaxy S4 at Plan 1799 with Php 4800 cashout. The billing statement that followed got me panicky as it showed I had to pay over Php 20,000. Apparently, I was being charged the full device amount. After 4 AGONIZING months of phone battles with Globe and with the intervention of an NTC officer (which I contacted via email), the issue got resolved. BUT it left me with over 4 statements of overdue balances. (Contact me @lawrenceagpasa should you want to want to get the NTC email address for your own benefit).

       

      Here are my questions:

       

      Does Globe submit delinquency reports to CMAP or BAP like most credit card companies do? How do overdue balances affect my credit score? Or does Globe just submit the names of subscribers with delinquent(and terminated accounts) to CMAP or BAP? Do we even have credit scores in the Philippines like in other countries? Are CMAP and BAP considered credit bureaus that generate credit scores?

       

      I am highly concerned of my financial future and I will not let a bad credit history put me down.

       

      Thank you very much!

        • Re: Does Globe submit delinquency reports to CMAP? How does this affect your credit score?
          ChitoReyes

          As far as I know, there is no formal credit bureau in the Philippines but there were several attempts to create one. Credit cards and banks share information on a private basis for reference but not because they have to.

           

          With regard to your late payments... Personally I would not think it would be a problem as long as you are updated at the time that you would have yourself updated. Many would look at the pattern of your payment and may ask the reason behind it. In my case, I purposely delay it so the balance would be bigger to be charged to my credit card in order to avail of promos which I take advantage of.

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          • Re: Does Globe submit delinquency reports to CMAP? How does this affect your credit score?

            Hi lawrence0921! I don't thin Globe reports this to CMAP and BAP at this moment.

            • Re: Does Globe submit delinquency reports to CMAP? How does this affect your credit score?
              lawrence0921

              This question has been answered:

               

              We now have 4 credit bureaus in the Philippines.,all governed by CIC.

               

              The CIC only requires 5-year data from these lending institutions but these institutions (banks, cooperatives, telecommunications companies, utilities company, loan agencies) can retain negative record for x number of years or maybe forever. After all, CIC only serves as a central repository for all credit data. The credit bureaus (that extract data from the CIC) provide the credit reports and credit scores to help the lending institutions decide whether to give you credit in the future. It is ultimately the lending institutions' discretion whether to approve a loan/credit card/postpaid plan or not.

               

              For now, only lending institutions have submitted significant amount of data to the CIC. This year, 2017, CIC mandated telecommunications companies to submit credit data to the CIC. CIC is expected to go live by first quarter of 2018 to provide an accurate credit report for individuals and businesses. The inclusion of credit data from telecommunications data is currently on its early stages, and as per CIBI (one of the credit bureaus), they are currently testing the scoring model that will include telco data into the credit scoring.

               

              Thus, when CIC goes live by first quarter of 2018, your credit score may only consider credit data from actual financial/lending institutions. But give it a year or so, they might come up with a credit score that includes your telco data.

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