BIC is a WEB application that collects credit information from all active financial institutions. The application processes and records the information provided by the financial institutions so that if a person (physical or moral) has credit information in several institutions, all this information will be available in his credit report.
The processing of the information is automatic, the system is based on the rules of a decision matrix to identify the correspondences between the data submitted by the different financial institutions.
The application also keeps the history of all credit reports generated for future reference. If, however, the data subject complains about the contents of his report, the application leaves open the possibility of challenging the report. The person indicates which data they believe to be wrong and why they wish to challenge them. This information is recorded on the application as an index during the investigations.
BIC is a decision support tool for financial institutions. By giving institutions the opportunity to review a client’s credit history, it allows these institutions to better assess the risks they incur by bribing the loan to a client.