It was created in 2008 by the Credit Information System Act (CISA) to construct a centralized, comprehensive credit information system for the collection and dissemination of accurate and fair information relevant to, or arising from, credit and credit-related activities of all entities participating in the financial system.

The CIC compiles this credit information to help creditors evaluate the ability of borrowers to pay.

[6] An efficient credit information system is also supposed to enable financial institutions to reduce their over-all credit risk, contributing to a healthier and more stable financial system.

[7] By law, the credit information should be provided at the least cost to all participants and the CIC should ensure the protection of consumer rights and the existence of fair competition in the industry at all times.

9510), also known as CISA is the act establishing Credit Information Corporation.