Over 70 bank customers registered for CRIB reports
Now any Sri Lankan with a bank account can check whether they are ‘creditworthy’ with just one click, according to the Credit Information Bureau (CRIB).
At CRIB’s annual symposium last month in Colombo, the bureau said that with their ‘iReport’ facility individuals are now free to assess their credit history and manage their future borrowings. While previously iReports were issued only through banks or the bureau, any individual can now do the same by initially registering at the CRIB office in person and obtaining a user ID and password.
Ananda Silva and CRIB CEO Gamini Karunaratne (Right).
On the sidelines of the symposium CRIB officials told the Business Times that iReports will open new opportunities to obtain credit and it will also maintain credit costs low. “iReports also increase the speed of credit decisions,” an official told the Business Times. He said that it’s the first time that such a facility has been launched in South Asia.
This product was designed by CRIB to encourage the habit of regular viewing of one’s credit information, so that one could correct lapses if any in the repayment procedures and end up having a good credit report which is the best recommendation a borrower could have with a lending institution. The official said that up to Friday some 76 people had registered with iReports. “The reason for most people requesting for an iReport was due to an inquiry made by a lending institution about a credit facility,” he said.
At the symposium, a distinguished panel of guest speakers was present in order to discuss the importance of accurate credit information reporting and to share the latest technology, experiences and best practices. Delivering his opening remarks to a host of banking compliance officers in attendance, CRIB Chairman and Deputy Governor Ananda Silva reiterated the importance of on-time credit information reporting by the bureau’s member institutions, in order to accurately assess the credit worthiness of both current and future borrowers.
Mr. Silva pointed out that submission of accurate credit information has a direct impact on the number of non performing loans in circulation and stated that the ratios of non-performing loans currently has declined to 4 per cent from 12 per cent a year ago. Mr. Silva also called on commercial banks to expand the availability of credit to the public, especially SMEs to support the government’s initiatives as laid out in the budget.
CRIB intends to give one report free each year commencing 2014 to promote the on-line iReport amongst borrowers, thus paving the way for them to become disciplined borrowers and finally herald a disciplined society. CRIB currently has 94 shareholders, including all licensed commercial banks, Specialized banks, Finance companies, leasing companies and few other institutions which have been declared as lending institutions for the purpose of the Act and the Central Bank.
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