BSP to widen access to CRIMS credit registry

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June 15, 2026 | 12:00am

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is moving to widen access to its credit registry, a step seen to improve lenders’ credit risk assessment, strengthen financial stability and help more borrowers enter the formal credit system.

In a draft circular, the BSP laid out an Open Access Framework that would allow authorized external users to access credit information kept in its Credit Information Management System (CRIMS), subject to data privacy and security requirements.

The CRIMS stores granular borrower-level data collected from BSP-supervised financial institutions through the Comprehensive Credit and Equity Exposures report.

“The Bangko Sentral recognizes the importance of accessible and reliable credit information in promoting financial stability and financial inclusion,” the draft circular said.

It added that “informed lending decisions underpin effective credit risk management,” while broader access to borrower data may help consumers “build reputational collateral and improve access to formal credit.”

Under the proposed framework, borrowers may access their own credit reports after identity verification. BSP-supervised financial institutions engaged in lending may also apply for accreditation as accessing entities, while credit bureaus or agencies may apply as special accessing entities.

Credit information from the registry may be used to establish client identity and borrower creditworthiness, as well as support credit risk assessment and client due diligence.

The BSP said access would be controlled through accreditation. Financial institutions seeking access must show compliance with data privacy rules, cybersecurity standards, consumer redress mechanisms and reporting governance requirements.

Credit bureaus, meanwhile, must have operated in the Philippines for at least five years, be registered to do business locally and meet minimum paid-up capital requirements, although the specific amount has yet to be filled in under the draft.

They must also maintain governance standards, data privacy compliance, cybersecurity controls and dispute resolution mechanisms. Applicants would undergo a two-stage evaluation process, including documentary review and a more detailed assessment.

The draft also limits the initial number of special accessing entities to three as a transition measure “to ensure controlled and secured implementation” and allow the BSP to monitor the impact on the credit ecosystem and the financial system.

Accredited entities would be required to enter into participation or data-sharing agreements with the BSP. They would also be subject to off-site or on-site inspections, suspension or revocation of access and monetary penalties in case of non-compliance.

Entities must notify the BSP within two hours of major cyber attacks or operational disruptions involving data obtained from the central bank, followed by a more detailed report within 24 hours.

The BSP said borrowers would have the right to access and verify their credit information through a transparent and efficient process, with separate guidelines to govern direct inquiries and verification.