You applied for a credit card or a personal loan but were declined. You applied again but with another bank, then with another bank, and another. You got four rejection emails. It’s upsetting!
Pause. Maybe it’s time that you check your credit score and all credit histories — or request a detailed credit report — and discover yourself what makes these banks find you not creditworthy.
In a nutshell, a credit score is a three-digit number (and mine was 773 the last time I checked with TransUnion Philippines) or a creditworthiness scorecard that financial institutions like banks, credit card companies, and other lending institutions use as basis for the approval or disapproval of a loan or credit card application.
While this may still be a premature concept among many Filipinos, there are credit bureaus in the country that have been operating and are authorized to access consumer data. Based on Credit Information Corporation (CIC), a government agency, these bureaus include CIBI Information Inc, CRIF Philippines, and the TransUnion Philippines, among others.
It was CIBI Information that I first learned about. That was in mid-2020, if not mistaken. I signed up with the bureau via the mobile app, but the scheduling system for identity verification was a bit of a mess (or may just be incompatible with my smartphone) that I did not push through with the request at all.
Few months ago as I started applying again for credit cards, I got interested again but this time with TransUnion Philippines. I should say that their request process is simpler and all the details needed — documentary requirements, fees, and everything — are just as well communicated on their website. So I tried it, and it was a success. Finally, I got my credit report. I got to check my credit score.
You might have checked already their website, but just dropping by here to read some experiences and testimonies. So, here’s but another helpful article on how to check your credit score with TransUnion Philippines.
 Visit www.transunion.ph and click on PERSONAL tab. On the landing page, click Learn More under Get Your TransUnion Credit Report.
 Read the detailed instructions carefully and download the application form. The application form is readily available for download right at the bottom of the page itself. Simply click on it and check the file after download to your personal computer.
 Accomplish the application form and prepare all other requirements. Basic personal and work-related information will be needed in the application form. You also need to scan two valid government-issued identification cards and selfies with these.
 Zip all the files and password-protect. The zipped folder includes the accomplished application form in PDF, the scanned IDs, and the selfies. You may just google or watch YouTube videos on how to zip files and password-protect.
 Send the zipped folder and password to email@example.com. Expect email reply within 7-10 business days, although sometimes earlier. As I experienced, I was even requested to resend selfies because the details on the IDs were not clear enough with the first ones.
 Pay the credit report processing fee. As indicated on the TransUnion website, the credit report request fee is PHP200.00 (as of this writing), the same which I settled when I had mine. As soon as all requirements are fulfilled, you will receive another email about the fee and the payment channels (no worries about this as multiple channels are provided).
 Attend the brief Zoom call for identity verification. After you settle the fee, you will also be emailed virtual meeting details via zoom. Not really a big deal, it usually takes just 15-20 minutes. The representative of the credit bureau will simply verify your details, mostly those you already declared in the application form.
 Receive your credit report and password. Your password-protected credit report will be sent via email, while the password via SMS. It was just a day after the Zoom call that I received my credit report, and so I was able to check my credit score.
As I checked, my credit report includes, but not limited, to these:
- Personal Information (Basic, ID, Contact and Address Information)
- Employment History and Education
- Generic Risk Score (Actual Score and Risk Grade)
- Summary (Open and Closed Accounts)
- Individual Credit Exposure
- Credit Payment Details and Histories
- Previous Enquiry Information
- and others
It took me more or less two weeks before I was able to receive my credit report, but it was all worth it. Three major credit accounts were on the report — the short term loans with BillEase a few years back, the existing two-year personal loan with CIMB, and the RCBC secured credit card.
Apart from these, there were also some hard inquiries from credit card companies because of my regular credit card applications months prior which were all declined. Per TransUnion generic risk score, I got a credit score of 773 and a MEDIUM RISK grade. So far, it’s good, although I still have more to figure out why I can’t get myself credit card application approvals.