Sri Lanka’s Credit Information Bureau (CRIB) is to expand its services to include factoring, non-bank and non-financial providers of credit, officials said Wednesday. Sri Lanka’s Credit Information Bureau (CRIB) is to expand its services to include factoring, non-bank and non-financial providers of credit, officials said Wednesday. Presently, CRIB maintains credit records for banks and finance companies, on those who borrow over Rs. 500,000 and default from Rs. 100,000 upwards.
Under amendments to its Act, CRIB’s net will cover all lending activities ranging from utility services, insurance, statutory state bodies (like tax and EPF/ETF Dept.), other forms of credit guarantors (like those who offer hire purchase schemes), credit card companies, asset management firms and customers.
Sri Lanka’s Central Bank also gets a shot at dipping into the database to check out suitable candidates who vie to fill posts of CEO’s and Directors of all financial institutions it regulates.
Though a major shareholder, CRIB’s present Act limits Central Bank access to their records.
But customers are some of the biggest beneficiaries of these new changes.
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