SEC eyes creation of Unified Lending Identification for easy credit access

The Securities and Exchange Commission (SEC) said Monday it is planning to create Unified Lending Identification (ULI) to provide easy credit access.

“And since our national ID system is still not reliable, we intend to introduce the Unified Lending Identification or the ULI,” SEC Commissioner Rogelio Quevedo said during a Senate hearing.

“We aim to establish a ULI to provide easy access to credit facilities through authenticated data,” he added.

The ULI is one of the SEC’s proposed actions to combat reported debt collection harassment.

SEC is also planning to implement blockchain technology for transparent information dissemination to borrowers and the public on loan products, interest rates, online lending platforms, and third-party service providers of financial companies and lending companies.

In the same hearing, the SEC reported that it acted on 3,570 complaints it received involving unfair debt collection practices from January to September 15, 2025. —Mariel Celine Serquiña/RF, GMA Integrated News