We haven't heard anything more about this bill. It should be acted upon. It would be a great help to all Filipinos and hopefully should lead the lessening of credit risk, and make loans fast to get and affordable. Overseas, it is used for everything, from getting credit cards, college student loans to home mortages.
I grew up in the States and so I'm familiar with national credit bureaus. I'm appalled to learn that there's nothing close to it in the Philippines. So, how does one buy a house here? How does the creditor check the risk of his investment? I bet it makes obtaining credit difficult and probably very expensive.
