MANILA - More than a measure of a person's ability to pay debt, a good credit score can be used to negotiate one's way to better deals, a credit information provider said.

Knowing one's worth based on how he or she has honored financial obligations such as bills and loan payments makes consumers more confident when seeking more debt or negotiating contracts, said Marlo Cruz, CEO of the Credit Information Bureau Inc.

The CIBI, formed in 1982, was the sole provider of credit information until the government formed the Credit Information Corp in 2011. The public can get their credit score from the CIBI for as low as P70.

"It gives you confidence. It gives you a light, a hope at the end of the tunnel that I can be like anyone else. It's equal opportunity that you're opening up," Cruz told ANC's On the Money.

With a good credit score, a person negotiating with a potential landlord can have the advance payment or deposit requirement reduced to 1 month from the usual 2 because he or she has proof that he honors his obligations.

Armed with a credit score, a person can also contest why a bank denied his or her loan application.

Cruz said more needed to be done to improve credit scoring in the Philippines. Data from the CIBI and the CIC needs to include payment history from utilities and telecommunications providers, he said.