Credit report

Nova Credit partners with CRIF to launch first CIC credit reporting service for Filipinos in Hong Kong, Business News

HONG KONG SAR – Media outreach – May 16, 2022 – Nova Credit is pleased to announce the launch of Credit Information Corporation (CIC) Credit Reporting Service, in partnership with CRIF, for Hong Kong-based Filipinos. With the support of CRIF’s international operations, NOVA is Hong Kong’s first credit reference agency to offer CIC credit reports at the request and with the consent of Filipinos. The CIC credit report improves the efficiency of employment checks of Filipino domestic helpers and can be used for a better understanding of their credit history.

CIC is the Philippines’ only public credit registry and credit information repository, housing the credit data of 30.7 million people with over one hundred million loan agreements. It is the largest and most comprehensive credit database in the Philippines and its mandate is to collect, consolidate and disseminate credit data of Filipino borrowers under Republic Act No. 9510, also known as the Credit Information System Act (CISA). With data coverage covering more than 30 million borrowers, or approximately 45% of the country’s adult population, its data represents a significant portion of credit activity in the Philippines. Unlike other providers, CIC’s Credit Report consolidates borrowers’ positive and negative credit data on different types of loans, providing a complete view of an individual’s creditworthiness.

By safeguarding the confidentiality of personal data, the facilities and operations of the Nova Customer Service Center fully comply with the relevant requirements under the Personal Data (Privacy) Ordinance.

CIC Chairman and CEO Ben Joshua Baltazar said, “We are delighted to be working with Nova Credit Limited in Hong Kong. More than 200,000 Filipinos are currently working in Hong Kong and have convenient access to their credit reports to prove their creditworthiness, through this service. , will be very useful for them to benefit from credit facilities and even to obtain employment opportunities.”

Vincenzo Resta, Regional Executive Director of CRIF, added that “CRIF has been committed for years to digital financial inclusion. We are delighted to be able to continue to increase this inclusion by supporting the creation of regional financial infrastructures. “.

“The CIC Credit Report provides the feasibility of employment checks and fulfills the demand for background checks as well as a deeper understanding of credit status, enabling greater financial and professional inclusion.” said Samuel Ho, CEO of Nova Credit.

NOVA CIC Credit Reporting Service Details: https://www.nova-credit.com

About Credit Nova

Nova Credit Limited is a credit reference agency (CRA) established under the Personal Data (Privacy) Ordinance of Hong Kong in 2017. Nova Credit is one of the credit reference agencies that participates in the multiple credit reference agencies model (“MCRA Model”) launched by the Hong Kong Association of Banks, the Hong Kong Association of Restricted License Banks and Deposit-Taking Companies and the Hong Kong SAR Licensed Money Lenders Association Ltd and supported by the Hong Kong Monetary Authority. Nova Credit aims to provide innovative credit reference services to consumers and small and medium-sized enterprises (SMEs) through emerging high-end technology. In addition, Nova Credit acts as a Fintech enabler for the financial industry, so that financial institutions can fully benefit from cutting-edge credit and risk technology and intelligent data analytics. Nova Credit is ready to take the credit reference service in Hong Kong to the next level by contributing to the development of the Greater Bay Area and connecting other credit rating agencies and financial infrastructures in the region for access legitimate and transparent to financial data. For more details, please visit .

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