Credit Checks in the Philippines

If you are a typical middle class Philippines citizen, chances are you already have some credit established either through a credit card, home, car or other loan. If you are applying for a loan or credit, it is important to understand how this works in the Philippines.

The Credit Management Association of The Philippines, also known as CMAP governs all financial institutions that provide loans and credit. All loan and credit information is managed by CMAP, so whether you have made all of your monthly payments on time, paid off a loan, or defaulted on a loan, all is kept in CMAP, typically for a period of 5 years.

When you try to open a bank account or apply for a loan, CMAP is checked first. Also when you apply for a loan or credit card, your eligibility and rates are determined by your CMAP credit score. Here are the current score rankings:

Excellent Credit – 750-850 Good Credit – 660-749 Fair Credit – 620-659 Bad/Poor Credit – 350-619 No Credit – 0-0

Philippines Private Investigators has seen a dramatic rise in background checks from foreign customers. Background checks often focus on brides, girlfriends, and internet dating relationships, as well as business partners and investors. With the high degree of fraud in the Philippines, getting a background check or due diligence investigation is an important security decision. Proceeding in a personal or business relationship without one can be very costly. Checking someone’s credit score and history is also another way to understand someone’s background and economic stability.

Despite the fraud, there are opportunities in the Philippines, both for personal and business relationships. Beautiful brides and profitable business ventures do exist, but hiring a Philippines private investigator to do a professional background check is an effective way to protect yourself.

Philippines Private Investigators offer discreet private investigative and detective services at affordable rates. Our team of highly experienced and trained local and expat agents cover all of the Philippines and work with local police, NSO, embassies, as well as other government agencies.

Best Regards, Andre

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