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Blacklist Clearance for Bank Loans and Credit Card

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evil_asset


Arresto Menor
Hi,

Long story short, i received demand letters back in 2010 and was able to settle my loans and credit card balance in 2011. I requested for a "Completion of Payment" certificate from all these banks which they all have granted me. Currently, I don't have any existing loans nor a credit card (debt-free).

Now my problem is that I am not getting approved for any loan/credit card application. How long will it take before I get cleared since its like I'm like already included in the blacklist? This also makes me worry of getting denied when i apply for a US Visa or any Visa for that matter.

Please help me. How can I get my name cleared as I am already debt-free but when Banks do their background check, it shows that I am still with an existing loan.

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AWV


Reclusion Perpetua
It takes 3 to 6 years before your record can get clear of low credit ratings!

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evil_asset


Arresto Menor
I just called the CMAP Office (812-9880) and they said that my name is not on the list.

What could be the reason for the non-approval of my loan application now? I would always reach the verification stage and then would get declined after.

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Reclusion Perpetua
Your name may not be on the list but perhaps your credit rating check record is lower than average score of their approval! so there's a high risk of giving you any loans! That is the reason of declined result!

evil_asset wrote:I just called the CMAP Office (812-9880) and they said that my name is not on the list.

What could be the reason for the non-approval of my loan application now? I would always reach the verification stage and then would get declined after.

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evil_asset


Arresto Menor
I see. How can I improve my credit rating then if I would always get denied? Does this mean that I would have to wait for 6 years max to get cleared and perhaps approved?

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Reclusion Perpetua
If you maintain your bills paid up to date monthly, your credit ratings are going to be higher every month until it reach certain limit where it says your credit rating is good!

Here's a sample how they can verify your credit ratings!

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evil_asset


Arresto Menor
This is excellent information, thanks! I thought I can only improve my credit rating/status when I have a loan or credit card.

Thank you so much for the help and added knowledge. Smile

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Reclusion Perpetua
You're most welcome! Smile

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BingBong1982


Arresto Menor
I don't think credit rating applies in the Philippines. There are proposals to put up one in place, like in the US, Canada and UK, but nothing solid has come out of it. Your bills do not count as part of your credit (unless again, you're in one of the said countries). Might have been that since you have had a less than satisfactory payment history/delinquency w/said banks, whenever you apply for a loan with the same banks that you had delinquencies before, they'd rather not approve you than risking the same history even if you'd already cleared your debt. Better ask your loan officer why your application got declined than assuming about the reason.

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BingBong1982


Arresto Menor
I don't think credit rating applies in the Philippines. There are proposals to put up one in place, like in the US, Canada and UK, but nothing solid has come out of it. Your bills do not count as part of your credit (unless again, you're in one of the said countries). Might have been that since you have had a less than satisfactory payment history/delinquency w/said banks, whenever you apply for a loan with the same banks that you had delinquencies before, they'd rather not approve you than risking the same history even if you'd already cleared your debt. Better ask your loan officer why your application got declined than assuming about the reason.

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evil_asset


Arresto Menor
@bingbong1982 - I did but they would always say that they were not allowed to disclose the reason why i was declined.Sad

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Reclusion Perpetua
REALLY???
and what is this?

http://www.articlesbase.com/business-articles/credit-checks-in-the-philippines-3017607.html

BingBong1982 wrote:I don't think credit rating applies in the Philippines. There are proposals to put up one in place, like in the US, Canada and UK, but nothing solid has come out of it. Your bills do not count as part of your credit (unless again, you're in one of the said countries). Might have been that since you have had a less than satisfactory payment history/delinquency w/said banks, whenever you apply for a loan with the same banks that you had delinquencies before, they'd rather not approve you than risking the same history even if you'd already cleared your debt. Better ask your loan officer why your application got declined than assuming about the reason.

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Reclusion Perpetua
What is this? if they are not checking credit ratings?

BAD CREDIT - A term used to describe a poor credit rating. Common practices which can damage your credit rating include late or missed payments, exceeding the limit on cards, defaulting on loans or declaring bankruptcy. "Bad Credit" can result in the denial of future credit.

http://www.citibank.com/philippines/gcb/english/ccard/ucw/glos.htm

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BingBong1982


Arresto Menor
CMAP is NOT a credit reporting agency. Have you worked in a bank already? Have you seen what the CMAP looks like? If you have not, please do not believe what you read in the Internet.

Did you know that those numbers you posted as "credit bureau ratings" are in actuality, credit ranges used by the US, namely Equifax, TransUnion and Experian to determine the "creditworthiness" of a person. Kaya nga interest rates in the US vary, you can get a low 1% and a high 25%. Dito sa Philippines I believe lahat ng rates are equal regardless of how "creditworthy" you think you are.

The Philippines does not have a centralized credit bureau reporting system. In the US, the credit bureaus collate, and report, delinquencies, non payments, bankruptcies and then scores them depending on your revolving credit. The CMAP will only list you as either PAID or NOT PAID but never late. You can be late for payments for 5months and update your payments and not be reported to the CMAP. Credit bureaus on the other hand, report and SCORE, delinquencies.

In any case, I couldnt post the website for your reference on said issue.. Probably in a couple of days I could already.

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BingBong1982


Arresto Menor
And by the way, the Philippines does not have a way for declaring bankruptcies for individuals. You can, if you are a corporation, but you call it insolvency, not bankruptcy. In the US, an individual CAN file bankruptcy, and can file it either as Chapter 7,11, 12 or 13, depending on how the court will determine how they can (IF they could) repay their debts.

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Reclusion Perpetua
Wrong! that Experian is from UK not US. I just used that as an example here.

Also I have attended seminar in Qatar as our company have lots of Filipino clients who take loans. . .

More about credit ratings existence in the Philippines.




(CRISP) was launched as an independent private sector initiative of academics and industry risk analysts and practitioners to provide an alternative in assessing investment risks in the Philippines. It received its accreditation as a credit rating agency by the Securities Exchange Commission in 2008.

CRISP rates bond issuers and debt instruments in the real estate, food and beverage, and energy sectors. Some of these are publicly traded in the country’s fixed income trading floor.

CRISP’s key analytical staff are seasoned researchers and industry practitioners who combine the rigors of academic research with the industry practitioners' firm grasp of the Philippine business economic trends and global trends.

The outlook is used to signify the ability of the issuer to respond to the changes in its financial standing, impending and potential changes in the industry, economic trends or political developments that may substantially affect the issuer’s creditworthiness.

STABLE - outlook assessment reflects firm expectations that the industry, economic and political conditions affecting the issuer will continue to prevail.

AFFIRMATIVE - outlook assessment reflects positive indications which may improve the issuer’s capacity to repay debt obligations.

NEGATIVE - Negative outlook assessment reflects disturbing indications which could lead to the issuer’s weakened position to repay debt obligations

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BingBong1982


Arresto Menor
Ate, ikaw ba ay nagtatrabaho sa banko dito sa Pilipinas? Kung hindi, wag magbigay ng maling impormasyon sa mga taong nais lamang itama ang pagkakamali dati. Wag nang magsabi ng impormasyon na hindi naman relevant at applicable sa mga taong nandito sa Pilipinas. Readily available, Wikipedia palang, ang list of credit reporting agencies sa lahat ng bansa. Titigan mong mabuti kung nasa listahan ang Pilipinas. Third world parin po ang Pilipinas, kahit anong pagmamahal natin sa ating bansa, it cannot erase the fact that we have systems that are stil archaic in international standards. And one of those is our banking system, kaya nga ang mga Pinoy, manghang mangha pa sa Phishing (o, pakitignan muna sa Internet ibig sabihin nyan bago sumagot), samantalang Phishing is so old school na panggagantso sa Amerika o sa UK rant

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AWV


Reclusion Perpetua
I have an Uncle who works with Central Bank and he guaranteed that they have way of checking credit ratings before I research for those issues! I have bought various properties back home and my credit ratings were also checked!
kaya if you don't work for the bank yourself, ensure you have concrete evidence that we don't have this credit ratings system! toetap

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BingBong1982


Arresto Menor
Ah ok... Akala ko naman kasi ikaw mismo nakita mo na ang CMAP, ako kasi nakita ko na, ewan ko lang kung ang uncle mo nakita na, kasi to tell you frankly, hindi porke taga banko ka e me access ka sa CMAP. Ask your uncle about it. Hindi lahat ng nasa banko e binibigyan ng access nyan, FYI lang. And how would you know that you have a credit that was checked when you bought your "various" properties? Last i know that I bought a car, I wasnt informed thet they were pulling any credit report of mine, if such existed. Baka naman credit check ang tinutukoy mo? Magkaiba po ang credit check sa credit pulling. Anyway, this is pointless. If you want to delude yourself into thinking that the Phils does have credit agencies, ok.

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Reclusion Perpetua
FYI Central Bank meaning Central at Branch Manager sya dun papano nya di malalaman ang existence ng system na ito? nakukulitan na nga sa akin ang Uncle ko sa kakatanung at isa isa nyang pina alala yung mga process ng aking properties purchases! At ang sabi dahil ontime ako sa mga payment ko sa lahat ng aking obligation kaya na approved na naman ang loan ko sa next project ng Misis ko!
You bought a car kapag hindi loan hindi sila mag check ng credit rates mo!
The properties I bought were out of loans! and that was just fully paid couple of years ago! Basketball
I travel back and fort, in and out of the country EUROPE, ASIA & MIDDLE EAST and was also amazed that this credit ratings system already exists in the Philippines. That is why I also know about the loan insurance policy in the Middle East too! But I don't need to tell you exactly what I do for living! Wink

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BingBong1982


Arresto Menor
Sinasalungat mo ang ang sarili mong statement, me branch manager ba ang Central Bank e ikaw mismong nagsabi, Central? Tsk. Pakicheck nga ang organizational chart ng Banko Central please. Unless Governor ng BSP si uncle mo? Pero malayo sa Branch Manager yan sa huli kong pagkakacheck ng org chart namin. I had a loan on my car, 1 day processing nga lang e, sa huling pagkakaalam ko, unless me nagbayad na ng utang ko ng hindi ko alam LOL at sa huli kong pagkakaalam ayon sa aking bayaw na nagtatrabaho bilang credit manager ng PNB, walang credit reporting agencies, CMAP meron, pero hindi credit reporting agency yan, malayo, sobrang layo. At ang layo ng credit report na nakukuha sa States sa sinasabi mong creedit check ng Pinas. Idea

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Reclusion Perpetua
Last time I spoken to my Uncle he is still indeed one of the Branch Manager in one of the Central Bank so if you wish to find out yourself go to Central Bank and ask how many Central banks are there! Central means it leads most of the bank in the Philippines not just 1 branch of Central bank!
Unless your brother-in-law has the highest position in Central Bank then you can bring him to this site to prove what he is saying! and if ever I convince my extremely busy Uncle find a time, I may get him to testify here that this credit rating systems does exist alright? cyclops

Central Bank Branches:
The BSP Main Complex - The BSP Main Complex in Manila houses the offices of the Governor, the Monetary Board and the different operating departments/ offices. The Complex has several buildings, namely: 5-Storey building, Multi-storey building, the EDPC building and the BSP Money Museum, which showcases the Bank's collection of currencies.

The BSP Security Plant Complex - The Security Plant Complex which is located in Quezon City houses a banknote printing plant, a securities printing plant, a mint and a gold refinery. The banknote printing plant and the mint take care of producing currency notes and coins, respectively.

The BSP Regional Offices and Branches - The BSP has three regional offices performing cash operations, cash administration, loans and rediscounting, bank supervision and gold buying operations. These regional offices are located in La Union, Cebu City and Davao City.

There are also 18 BSP branches situated in Batac (Ilocos Norte), Tuguegarao City (Cagayan), Dagupan City (Pangasinan), Cabanatuan City (Nueva Ecija), Angeles City (Pampanga), Lucena City (Quezon), Naga City (Camarines Sur), Legazpi City (Albay), Dumaguete City (Negros Oriental), Bacolod City (Negros Occidental), Iloilo City (Iloilo), Kalibo (Aklan), Tacloban City (Leyte), Cagayan de Oro City (Misamis Oriental), Ozamiz City (Misamis Occidental), Cotabato City, General Santos City (South Cotabato) and Zamboanga City (Zamboanga del Sur). They perform cash operations, cash administration, and in certain areas, gold buying operations. Rolling Eyes

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