March, 12, 2014
The Credit Information Bureau of Sri Lanka (CRIB) which recently made available the opportunity for borrowers to obtain their personal credit/loan information over the internet is in the process of further streamlining this process.
The process that is currently being followed is for the borrower to visit the Credit Information Bureau of Sri Lanka in person, verify their identity and obtain his or her personal identification number (PIN) for the credit/loan information.
“We have realized that it is impossible or inconvenient for every borrower to visit the Credit Information Bureau. Hence, we have focused our attention towards evolving a scheme to provide this PIN to the borrowers without their having to visit the Bureau,” said Credit Information Bureau of Sri Lanka General Manager Gamini Karunaratne while speaking to AdaderanaBiz.
While the initial credit report over the internet could be obtained free of charge, a fee of Rs. 250.00 is charged for every copy obtained thereafter.
“Every borrower should make it a practice to frequently go through his/her credit report. Then discrepancies if any in their transactions could be noticed and understood. This creates more awareness among the borrowers,” Mr. Karunaratne added further.
While the Credit Information Bureau of Sri Lanka has in its possession the records of around five million borrowers, the credit report gains significance whenever obtaining a loan from a financial institution.