CRIB undergoes reforms with a new points system   

The government is now set to reform the Credit Information Bureau (CRIB) with a points system for borrowers, instead of branding customers as bad borrowers, State Minister for Finance Ajith Nivard Cabraal told Times Online.   
The aim is to classify borrowers who used to service their debts without defaulting and allow them to get further banking facilities by considering their track record, he said. 
This decision was taken at recent meeting with bank officials and the General Manager of the CRIB Nandi Anthony has already been entrusted with the task of making necessary changes in the system, he added.   
It will introduce a new phase to the CRIB report with a points system soon, he revealed. 
The new system will provide better information for banks and financial institutions to take informed decisions on borrowers with a clear understanding on good customers, he explained. 
These financial institutions will have to adjust their credit disbursing calculations; he said adding that it makes the duties of credit managers and officers easier.
If customers pay dues on time they get a high credit score and if they don’t pay dues on time you get a low credit score, he pointed out. 
The credit point system will influence the decisions of financial institutes in offering attractive rates for creditworthy customers, he said. (Bandula)