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.
Pay at least the minimum payment due on time. Whenever possible, pay your bill in full every month to avoid late fees and interest charges.
Notify creditors when you move, so that your bills will arrive on time and you can pay on time. Not getting your bill is not a reason for not making payment.
Do not overextend yourself. Do not spend or borrow more than what you can repay.
Be aware of the due dates of your loans or credit card bills and penalties for late payments.