Exploring Your Credit Report

A credit report is a record of your financial behaviors. Banks and other lenders in the Philippines use it to help decide about lending you money.

What's in your credit report?

• Personal information: This includes your name, current and past addresses, ID information, phone number, date of birth and current and past jobs.
• Credit history: This details how you’ve paid back your financial obligations in the past.
• Inquiries: This reveals when a lender has checked your report because you applied for any of their business products.
• Credit debts: This shows how much money you currently owe, any late payments and how many days overdue you are on all your accounts — whether they’re open or closed.

By understanding these sections, you can see how they impact your overall credit score and take steps to improve it if necessary.

What's not in my credit report? 

Your credit report does not show your salary or items you bought and paid for immediately. It also does not have personal details like your health status, race, religion, political beliefs or country of origin.

What is a credit bureau? 

In the Philippines, a credit bureau like TransUnion supports individuals and businesses by providing credit information and tools to help manage financial risk. 

As a worldwide information and insights company, we offer a detailed view of each person so they’re reliably represented in the marketplace. 

This enables organizations to better understand consumers to make smarter lending decisions, and gives consumers confidence their information is correct and can help lead to the opportunities they deserve. We call this Information for Good®.

How do they get their information? 

Financial institutions and lenders send credit bureaus credit data about how customers pay their bills. The bureaus then create a file for each person that includes their payment histories. 

With your permission, financial institutions and approved businesses can look at your credit report to help them make appropriate lending decisions.

How often is information updated? 

TransUnion members update your information every month. This helps track your progress and history.

Why do we need credit reports? 

Credit reports are important because they show how well you’ve managed loans, credit cards and other debts. 

Financial institutions use these reports to assess whether you’re good with money, which can affect your chances of getting a loan or other financial assistance. 

TransUnion provides these reports to better ensure the lending process is clear and fair for everyone — and help those who manage their credit well access loans more easily.

What is creditworthiness? 

Creditworthiness is based on how likely you are to pay back a loan. It’s something that helps lenders determine if they can trust you with their money.

It also depends on how you handled credit in the past and how much debt you have now. 

If you’re considered creditworthy, it’s usually easier to access loans and get better terms — meaning it costs you less to borrow money. 

How long does information stay on my credit report? 

The time information stays on your credit report can vary depending on the financial institution. 

TransUnion keeps all customer records that can help them understand their credit report from the time they opened and closed an account.

TransUnion continually works to keep your credit data up to date and useful. 

How can I clear my negative credit history? 

Managing your finances well is crucial. 

You can reduce the effect of negative information on your credit score over time by using — and maintaining — good credit habits.

This includes always paying bills on time, clearing any late payments and following good credit practices. 

These actions can help you keep a positive credit history — which is good for your financial profile. 

Remember, consistent good payment habits are important for building and keeping a good financial reputation.

Who else can access my credit report? 

TransUnion will not share your credit information with anyone without your consent.

Companies can check your credit report when you apply for credit — but only with your permission. 

When a company checks your credit, this is noted in your report but without many details. 

TransUnion uses this information to help watch for fraud, confirm identities and send alerts. 

Sometimes, this information is also shared to offer you products you asked other companies about.

Remember, you have the right to see your credit report free once a year. 

Why check your credit report? 

It's important to review your credit report regularly to stay aware of any changes, make sure it correctly shows your current financial situation, and quickly find signs someone may have stolen your identity.

Where can I get my credit report? 

There are several providers you can choose from. TransUnion is a top choice because we’re known for providing detailed and trustworthy credit reports. 

How often should I check my credit report? 

If there are no mistakes to correct, it's still a good idea to check your credit report at least once a year — just to make sure everything looks right. 

If you’re planning a big financial action, such as buying a house, check your report early in the process. This way, if there are any problems, you’ll have time to resolve them with the credit reporting agency.

Who can explain my credit report? 

TransUnion can help you understand your credit report. 

We give you clear information about your credit history, and you can add a personal statement to your report if you want to explain certain things like why you made late payments. 

This personal touch can help lenders understand your situation better, which might positively influence their decisions. 

You can also get help from credit counselors or financial advisors who can explain the details of your credit report and offer advice.

Key factors that affect your credit score

Your credit score is calculated based on various factors derived from your credit report. Here are the key factors that impact your credit score:

1. Payment history
   • Your ability and consistency in paying back debts are reflected in your payment history. This includes whether you pay your credit card bills and loans on time. Late payments, defaults and bankruptcies can significantly affect your credit score.
2. Credit Enquiries record
   • Each time you apply for a credit product, the creditor makes a credit inquiry. Multiple inquiries in a short period may indicate a higher need for credit and can negatively affect your credit score.
3. Available credit limit
   • The total amount of credit you have available. Generally, having more available credit can positively impact your credit score, indicating a lower reliance on borrowed money.
4. Credit utilization
   • This factor calculates the percentage of credit you use out of your available credit limit. It’s recommended to keep your credit usage rate below 50%, ideally between 30%–50%. For example, if you have two credit cards, keep the use rate of each card and total combined under 50%.
5. Length of credit history
   • This is the length of time you’ve been using credit. A longer credit history provides more data for credit reporting agencies to compile your credit score and lenders to understand your credit habits.