"There is no blacklisting in the CRIB & we don't blacklist the people" : CRIB Director

Colombo (News 1st); 

The Credit Information Bureau of Sri Lanka says the newly introduced credit score will facilitate the provision of credit, even to those who lack traditional collateral.

CRIB’s Director & General Manager Nandi Anthony, who is spearheading the project, said the Credit score is basically a number.

"The higher the score the lower the risk level," he said adding it has huge benefits to the borrowers.

The Credit Information Bureau of Sri Lanka said via the implementation of the credit score a borrower can get their borrowing much faster and one can negotiate better credit with better scores.

"You can negotiate better terms, better limits, higher limits, better interest rates. A borrower can use the credit score as reputational collateral," he said.

Not all borrowers will have traditional collateral said Nandi Anthony adding even though one may have a low score, it does not mean one will be eliminated from obtaining credit, but one will only be entitled to a lower loan.

" I must make it very clear here, the score or the credit report, does not give any decision to the lenders. The ultimate lending decision is theirs. It's just information, and through the credit score this information analyzed and made it easier," CRIB’s Director & General Manager Nandi Anthony highlighted.

"There is no blacklisting in the CRIB & we don't blacklist the people, that is a very wrong understanding. It is totally wrong for any lender, to say your name is in the CRIB and therefore we can't give you a loan," he added.

The CRIB merely provides data to facilitate a credit decision, he went on to note.

The lending decision is entirely the prerogative and the responsibility of the lender and he said "if the lender says your name is in the CRIB, and therefore we cannot give you a loan, that is not something that should be said."

"The moment you go and get a credit card, the moment you go get a loan, those data are reported to us from the lending institution. There are 8 million-plus people's names on the list. My message is if someone tells you your name is in the CRIB, therefore I cannot give you a loan, please say how can that be, it's not possible.", said CRIB’s Director & General Manager Nandi Anthony.