Credit score is the number used to determine someone’s capability to manage debt. Credit companies measure several factors including your credit payment history, the amount loaned or credit utilization ratio, length of credit history, types of credit used, and new credit.
In countries outside the Philippines, credit scores normally range from 350-800. The higher the score, the better chances you have to acquire a loan. Unlike other countries like the United States and Canada, the Philippines currently does not have a unified system of credit reporting.
While there is no standard system of credit reporting, the Credit Information Corporation is in charge of credit scoring in the country. Concurrently, banks resort to a myriad of available private credit report providers in order to determine if an individual is eligible for a loan or not.