Six credit bureaus recently secured approvals to do business here in the Philippines, but full operation will take as much as a year as data collection by the Credit Information Corp. (CIC) is still ongoing.

“The CIC has taken a tremendous step in the utilization of credit-related data in the Philippines. As of yesterday, we sent out six notices of approvals for credit bureau accreditation in the Philippines,” said Jaime Garchitorena, president and chief executive officer of CIC, told reporters on Monday.