A credit history is a record of your past borrowing and repayments, including information about late payments, delinquency, and bankruptcy.
In the Philippines, there are data service providers which process and organize credit information on the clients of financial institutions. Having ready access to credit information enables financial institutions to make fast, informed, reliable and objective credit decisions.
Having a good credit history is important for future borrowing requirements. Some companies may also use consumer credit information in assessing employment applications. A poor credit history can adversely affect your chances of getting the loan you need or possibly getting hired by your prospective employer.