NDB NEOS & CRIB Partnership since 2021

In the dynamic realm of personal finance, creditworthiness is paramount, impacting eligibility for various financial products. At the core of this evaluation lies the CRIB report – an intricate credit dossier managed by the Credit Information Bureau of Sri Lanka (CRIB). Understanding the nuances of a CRIB report, recognising its significance, and cultivating habits to maintain a positive report are pivotal for navigating the financial landscape.

NDB Bank as part of its commitment to supporting customers' financial well-being, offers seamless access to the CRIB report through an innovative mobile banking app, NDB NEOS. Users can take control of their financial health by registering and requesting their individual credit reports (iReport) and individual credit score reports (CRIB Score) from anywhere, the bank said in a media release.

A CRIB report serves as a comprehensive credit summary, offering insights into an individual's credit history, encompassing critical details such as credit accounts, outstanding balances, repayment history, and instances of defaults or late payments. Lenders, including banks and financial institutions, heavily rely on this report when assessing an individual's creditworthiness for loans, credit cards, or other financial products.

The importance of maintaining a positive CRIB report cannot be overstated, opening doors to favourable financial opportunities. A positive report attests to responsible financial behaviour, enabling access to loans or credit with competitive interest rates. Conversely, a negative report, marked by late payments or defaults, can hinder one's ability to secure credit and potentially lead to unfavorable terms.

Practices conducive to a positive CRIB report encompass critical considerations. Timely repayments on credit cards, loans, and other financial obligations are imperative, as late payments can adversely affect the CRIB report. Prudent debt management is essential, emphasising the maintenance of a balanced debt-to-income ratio, a key factor scrutinised by lenders during evaluations. Regularly reviewing the CRIB report to identify inaccuracies or discrepancies is crucial, with prompt rectification of errors being essential for an accurate reflection of one's credit history. A diverse mix of credit types, including credit cards, loans, and mortgages, positively influences the credit score. While exploring credit options, limiting the number of credit applications is advisable, as multiple inquiries within a short timeframe can be viewed unfavourably, the bank statement said.

Damitha Silva, Head of NDB Product Lifecycle Management, said, "Our mission at NDB is to provide our customers with the tools and resources they need to achieve financial success. By integrating the CRIB report access into the NDB NEOS app, we empower our customers to stay informed about their credit status and make informed financial decisions. This initiative is part of our broader strategy to promote financial literacy and inclusion."