Credit Information System Bill Protects Consumers’ Interest

Credit Information System bills both from the Senate and the House of the Representatives is now the buzzwords in the Philippine financial industry today. With the session of the Senate and the House of the Representatives back to normal from last month recess, these bills were tackled in the bicameral meeting. The honorable senators and representatives of the country started to tresh out the differences in the House bill and in the Senate bill.

Consumers of the country who are potential borrowers of funds from financial institutions have something to cheer about. While there are still provision to be reconciled, the Senate and the House version of the credit information system bill have common provisions to protect the consumers’ interest

Common provision that will protect the consumer’s interest are stated in the Credit Information System Act (CISA), specifically in the Section 7, Section 6, Section 4 (n), Section 4 (l), Section 4 (k) Section 4 (g) Section 4 (h), Section 3 (b), Section 3 (m) and Section 3 (j).

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