Summary
Republic Act 9510 establishes the Credit Information System with the expectation of: greatly improving the overall availability of credit especially to micro, small, and medium-scale enterprises; providing mechanisms to make credit more cost-effective; and reducing the excessive dependence on collateral to secure credit facilities. The scope of the act includes: the establishment of the Credit Information System, the establishment of the Central Credit Information Corporation, the confidentiality of Credit Information, the Educational Campaign, the rules and regulations, the congressional oversight committee, and the indemnity in favor of the corporation, its officers and employees. The credit information system caters specifically towards the financial industry.