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CRIB to enhance its services through digital credit bureau system

January 03, Colombo (LNW): The Credit Information Bureau of Sri Lanka (CRIB), the first Credit Bureau in the South Asian region, is exploring the possibility of introducing credit rating classification in addition to presenting credit score reports under its financial information services.

The CRIB is developing a new state-of-the-art credit bureau system replacing the present computer system with the assistance of one of the best credit bureau services, finance ministry sources divulged.

Credit member institutions, banks, finance companies and leasing companies are used for this present system for a long period and all their data will have to be shifted to the new system without any inaccuracies, a senior ministry official said

In a significant move to elevate its customer services in obtaining your own credit report, the Credit Information Bureau of Sri Lanka (CRIB) is set to revamp its digital on boarding process.

CRIB, being the sole credit bureau in the country, empowers individuals and businesses by providing easy access to their credit reports through various channels, including online platforms and banking applications.

Under the legal mandate, all licensed banks and non-bank financial institutions are required to report newly granted credit facilities on a monthly basis.

This includes diverse financial transactions such as loans, credit cards, leases, factoring, margin trading, letters of credit, and more.

In order to further improve the ongoing digitalisation process, the bureau intends to introduce measures to digitally on board above two categories of customers who are presently not being captured in the system and thereby ensuring digital footprint of all users of CRIB services.

As CRIB ventures into this transformative phase, matching a robust customer verification with streamlined service delivery remains a top priority.

The bureau’s strategic digital on boarding initiative reflects its commitment to harnessing technology for the benefit of its users while upholding the highest standards of data integrity and security.

However, in the process of issuing iReports to the manual and unregistered online users, the bureau has to adopt a stringent customer verification process to ensure that the information is released to intended and legitimate users.

Recognising its significance, CRIB has incorporated multiple measures into the user verification process to guarantee the validity and accuracy of NIC information.

In this endeavour, CRIB recently signed a Memorandum of Understanding with the Department for Registration of Persons (DRP) to obtain an online facility offered by the department for verification of NIC details of individuals through an online service portal.

Integration of this service offering within the bureau’s customer service process is expected to help CRIB to carry out customer due diligence effectively and speedily. This step further elevates the ongoing digital on boarding process to its next level of digitalisation of the bureau services.

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