Wider BSP credit registry access pushed

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is proposing to open its credit registry to banks, credit bureaus and borrowers in a move that would give lenders broader visibility into consumers’ financial histories while tightening safeguards on privacy and cybersecurity.

In a draft circular now open for stakeholder feedback, the central bank outlined an “Open Access Framework” that would set the rules for who can access the registry and how sensitive credit data should be shared, processed and protected.

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The BSP has institutionalized the collection of granular borrower-level data from supervised institutions through the Comprehensive Credit and Equity Exposures Report, processed and stored in its credit registry system, the Credit Information Management System (CRIMS).

The central bank said the new framework seeks to build on these previous initiatives.

Under the proposed framework, borrowers would be able to access their own credit records upon identity verification, while BSP-supervised financial institutions extending credit, as well as accredited credit bureaus, would be granted access as “Accessing Entities” and “Special Accessing Entities,” respectively, subject to central bank approval.

To operationalize the system, the BSP also laid out accreditation guidelines for both types of entities, including eligibility requirements, evaluation procedures and post-approval obligations.

Once accredited, they would be required to sign participation agreements that define the contractual terms governing access to credit information stored in CRIMS.

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A maximum of three special accessing entities will be accredited and allowed to access the CRIMS as a calibrated transition measure to “ensure controlled and secured implementation.”

“Accredited entities shall be accountable for the credit information accessed through the CRIMS and be subjected to off-site and/or on- site inspections of the Bangko Sentral to determine continued compliance to the terms of access,” it added.

“In cases of non-compliance with the terms of the participation agreement, the accredited entities shall be subject to appropriate contractual remedies, including the issuance of directives, suspension or revocation of access, and monetary penalties,” it continued. INQ