CMAP credit score
Most of us middle or working class Pinoys already own a credit card or have a personal loan. But have you ever wondered what are the categories that credit card companies and credit bureaus look for when approving or denying a person’s loan or credit card application?
The Credit Management Association of the Philippines or better known as CMAP manages all member banks, credit card companies and credit agencies. This means whenever a person has bad credit due to non-payment of personal, commercial or home loans and unpaid credit card bills. His name will be blacklisted and he or she cannot obtain a loan from any CMAP member financial institution for a period of five years or more.
Upon receiving your loan or credit card application, they will immediately run a credit check to determine your credit score. They will enter your name into the CMAP database. If your name is listed on CMAP, your application will be rejected immediately. If it generates no hits, your app will move to the next level. They will input your financial information like the credit cards you own, your income based on ITR and assets you own, each of these have a different weightage on the credit score, some are valued more than others. Barring other negative findings and if your credit score is high enough. Your application will be approved.
Aside from CMAP, there are other Philippine governing bodies that share information with them, which is required by the Anti-Money Laundering Act or AMLA, which makes it difficult for people to create fake accounts and for those with pending cases such as estafa, since the discovery of checking account or getting a loan.
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