CRIB empowers Sri Lankans with digital access to services

Following the success of its digital revamp agenda announced in January this year, the Credit Information Bureau of Sri Lanka (CRIB) encourages Sri Lankans to stay better informed about their credit status and improve their credit health by utilising digital facilities and other customer services made available by CRIB Sri Lanka to manage the credit standings of individuals and corporates.

Playing a crucial role in bridging the information gap between lenders and borrowers for credit inclusivity and responsible borrowing, CRIB Sri Lanka utilises a Credit Information Management System.

This system ensures seamless integration with all financial institutions, which are legally mandated to report all credit information, including term loans, credit cards, leasing, gold loans, pawning and more.

This collection of credit information, aligned with global practices, has now been extended to include non-traditional data. The objective is to provide access to credit for marginalised citizens who do not have existing credit data.

This initiative will promote responsible borrowing, improve credit behaviour and instill credit discipline among Sri Lankans. By broadening the spectrum of data collected, CRIB aims to integrate more individuals into the formal financial system, ensuring fair and equitable access to credit for all.

Individuals can now access their CRIB credit report and credit s core from the Self Inquiry Credit Report option, known as the CRIB MyReport, which can be requested by both registered users as well as unregistered users (through the Customer Access Portal) of www.crib.lk. The credit score is calculated based on each individual’s credit aspects, including but not limited to payment behaviour, over indebtedness, demographic details, utilization of available credit and status of credit facilities.

With the ability to access their own credit report and CRIB score, individuals and corporate can understand their credit worthiness and eligibility with lending institutions. This also enables individuals to organize spending behaviors, repayment habits, exposure levels that will help them to obtain credit facilities faster, efficiently with favorable terms and conditions. The ability to regularly review their credit report allows individuals the opportunity to identify any incorrect reporting’s and take required measures to correct the report in a timely manner.

An educational campaign under the tagline ‘Care for Your Credit Health’ was launched in June to create awareness and educate citizens on managing and using credit for the productive development of individuals and corporations. This campaign aims to generate interest in maintaining credit discipline, supporting economic stabilization and meeting evolving lifestyle demands.

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