CRIB to be reformed with a scoring system

CRIB to be reformed with a scoring system

CRIB to be reformed with a scoring system

Written by Staff Writer

30 Nov, 2019 | 9:28 pm

Colombo (News 1st): Sri Lanka will reform the Credit Information Bureau listing (CRIB) with a scoring system for lenders, instead of listing customers as bad debtors. Deputy Governor of the Central Bank H.A. Karunaratne expressed the following views.

H.A. Karunaratne: We have designed to give a new phase to the CRIB report, by introducing a scoring system from January onwards. CRIB will be reporting a scoring system. The score would be between 250 & 800. It will give better information for the lending entities to take informed decisions.

Journalist: So 250 is good or bad?

H.A. Karunaratne: 250 would be the minimum, the lowest level. The highest level would be 800. CRIB won’t say it if it is good or bad. In order to get into the CRIB, there are requirements to be met. But we have to remember, this CRIB report is only one indication. There are many other factors to be considered when they grant a loan.

Sri Lanka’s Credit Information Bureau provides reports of defaulters to banks and the financial system. Individual borrowers can also request their reports.

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