Unified lending ID system rollout on hold as SEC evaluates CIC’s platform

THE SECURITIES and Exchange Commission (SEC) is studying if it will use the Credit Information Corp.’s (CIC) existing unified lending identification (ULI) platform or set up its own system with the help of a private sector partner as part of its efforts to deter predatory lending.

“We were also informed by the CIC that they can also perform the same task. So, we are now evaluating whether we will use the existing platform of the CIC, or we will really have to pursue the ULI,” SEC Commissioner Rogelio V. Quevedo told reporters on the sidelines of an event on Tuesday.

He said that they are evaluating what the CIC can provide and expect to complete this assessment by the end of the month.

At a Senate hearing in October, the SEC said it plans to introduce the ULI system to simplify credit access and curb predatory lending and abusive collection practices.

Mr. Quevedo earlier said the ULI would use verified data to ease credit access amid challenges in the implementation of the national ID system.

Last week, he said the initial target for ULI rollout was Dec. 1, but the CIC informed the SEC that they have the necessary information and technology needed for the system.

“The priority is always to coordinate with government agencies and, in this case, a government-owned and -controlled corporation, the CIC,” Mr. Quevedo said.

“I’m still hoping that CIC can provide what the SEC needs. But if they are slow, then we proceed with the earlier plan to harness the private sector.”

The SEC earlier said that they received 5,415 complaints of unjust collection practices involving online lenders and financing companies. — Alexandria Grace C. Magno