The Credit Information Bureau (CRIB) of Sri Lanka is to improve its computer unit to provide reports online.
The CRIB says it has issued 2.3m credit reports last year.
An initiative of the Central Bank of Sri Lanka and the Ministry of Finance, CRIB was a response to the 1980’s debt crisis in the country.
CRIB provides credit information services through an automated “Credit Information Management System” (CRIMS). The credit information reports are basically divided into two major categories such as “Consumer” (Individual) and “Corporate” (Business)
CRIB is a public-private partnership, with the Central Bank holding the majority of equity while the rest is held by the Commercial Banks, Specialised Banks, Registered Leasing Companies and Registered Finance Companies regulated by the Central Bank and a few other institutions declared as lending institutions by the Hon. Minister of Finance.
The disciplining mechanism provided by a Credit Information Bureau is expected to improve the country’s overall credit culture.
The demand for CRIB reports in the 2010- 2011 period have increased last year.