CIC Extends Deadline to Submit Corrected Erroneous Data Backlogs
On April 5, 2023, the Credit Information Corporation released CIC Circular No. 01, s. of 2023, extending the deadline to submit corrected erroneous data backlogs to September 30, 2023.
The Letter Circular was issued in relation to Letter Circular 2022-13 re: DISTRIBUTION AND CORRECTION OF ERRONEOUS RECORDS BACKLOGS, to address the requests for extension filed by Submitting Entities in Production (SEP). Thus, all pending and future requests for extension within the extended date concerning the subject matter of Letter Circular 2022-13 are deemed granted, subject to the following conditions:
- The submission of Data Correction Plan (DCP) is within 10 working days from the effectivity of the Letter Circular
- The DCP will have the schedule of activities with regard to data correction. An SEP’s Authorized Representative shall also give monthly progress reports due on the 30th day of each month.
- The requirements shall be submitted to cis-support@creditinfo.gov.ph, CICHelpdesk@creditinfo.gov.ph, with a copy furnished to compliance.monitoring@creditinfo.gov.ph.
- Failure to abide by the conditions shall result in automatic revocation of the extension, and other sanctions in accordance with Rep. Act No. 9510 (Credit Information System Act), and other relevant laws.
The Circular shall be effective 15 calendar days from its publication in the Official Gazette or in a newspaper of general circulation in the Philippines, and upon the filing of three certified copies with the Office of the National Administrative Register of the University of the PHilippines Law Center.
The Letter Circular may be read in full here.