Credit Information Bureau Sri Lanka
This presentation was made by the Credit Information Bureau of Sri Lanka (CRIB) at the workshop organized jointly by the World Bank, Central Bank of Sri Lanka, and the CRIB focusing on promoting the development of credit information systems in the region.
The presentation begins with detailing the profile of Sri Lanka. It includes the:
- Information on ownership structure of CRIB;
- Some provisions of the CRIB Act:
- Authority to collect information of borrowers from lending institutions (Mandatory Reporting);
- Authority to furnish information to share holder lending institutions on request;
- Protection for CRIB for action taken in good faith;
- Protection for lending institutions for bona-fide mistakes made while reporting;
- Penalty for knowingly making incorrect information and failure to report information without acceptable reason;
- Borrowers having a right to receive a copy of credit report relevant to them when a request is made by a lending institutions.
The presentation states some facts regarding the collection and dissemination of information:
- Balance outstanding as at last updating date appears in credit reports together with the status;
- Credit reports can be currently used for any purpose;
- Principle of reciprocity is not followed.
The presentation concludes with the future challenges for CRIB:
- Changing the ownership structure;
- Expanding the users/share holders;
- Collecting, updating and disseminating information electronically and from other sources;
- Introducing latest Information Communication Technology (ICT);
- Consolidating with world/regional leaders;
- Developing a product line.