The Central Bank will be introducing a new scoring system for the Credit Information Bureau (CRIB).
Deputy Governor of the Central Bank H.A. Karunaratne on Friday said a scoring system between 250 and 800 points will be introduced to help lending institutions determine the creditworthiness of their prospective clients.
“We hope the scoring system will give better information for lending entities and help them take an informed decision; 250 is the lowest band and 800 is the highest.” , he added.
The Central Bank expressed the belief this could support better decision-making by banks and financial institutions.
He noted that they 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.
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, he said
There are many other factors to be considered when they grant a loan he added.
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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