Address : Room 401 Cattleya Condominium, 235 Salcedo Street, Legaspi Village, Makati City, Metro Manila
Tel. No. : (632) 812-9880 / 817-8386
Fax. No. : (632) 892-9102
URL www.cmap.com.ph
The Credit Management Association of The Philippines, also known as CMAP governs all financial institutions that provide loans and credit. Its members are banking, financing, services, trading, manufacturing and insurance sectors. CMAP aims to instill, develop and nurture credit consciousness, responsibility and discipline among ourselves and among credit grantors private sectors and to promote active and voluntary interchange, and mutual reciprocal use, of quality credit information.
All loan and credit information is managed by CMAP, so whether you have made all of your monthly payments on time, paid off a loan, or defaulted on a loan, all is kept in CMAP, typically for a period of 5 years. Old names are removed allegedly in order to prevent overloading of data.
But some say your name will be on CMAP listing permanently, the record will only be updated showing CLEARED/PAID once you have paid your loan. But this is not automatic. You have to go to their office and present all the proof of payments you made and certification that you have settled your arrears. But do not give out original copies.Sometimes they tend to pressure you to give out original documents.
When you try to open a bank account or apply for a loan, CMAP is checked first. Also when you apply for a loan or credit card, your eligibility and rates are determined by your CMAP credit score. Here are the current score rankings:
When you try to open a bank account or apply for a loan, CMAP is checked first. Also when you apply for a loan or credit card, your eligibility and rates are determined by your CMAP credit score. Here are the current score rankings:
Excellent Credit - 750-850
Good Credit - 660-749
Fair Credit - 620-659
Bad/Poor Credit - 350-619
No Credit - 0-0
Check this link to read a case decided by Regional Trial Court (RTC) where CMAP was made to pay damages for keeping the name of an importer in the CMAP listing of court cases for 27 years and thereby causing damage to the importer:
Check this link to read a case decided by Regional Trial Court (RTC) where CMAP was made to pay damages for keeping the name of an importer in the CMAP listing of court cases for 27 years and thereby causing damage to the importer:
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