The Credit Information Bureau of Sri Lanka (CRIB) entered into a partnership with Creditinfo Iceland last year. The fruit of their labor was presented early January 2020: Sri Lanka’s First Credit Scoring System: The CRIB Score.
Creditinfo’s CEO and Team of experts attended the official launch of the ‘CRIB Score’ the Sri Lanka’s first credit scoring system. The new score developed by Creditinfo provides lending institutions with a consistent indication of the risk level, creditworthiness, and probability of default of a particular borrower.
The Bureau believes that due to its low cost and high informational value, credit scores will be used more widely in the economy, as for instance, in assessing potential tenants. Chairman CRIB and Central Bank Deputy Governor H.A. Karunaratne said, “We have had some difficulty with improving our Doing Business Index. This will help us to have a lead in the index and to show our financial inclusion.”
CRIB is implementing a new system this year which will collect telecommunication bill data, utility bill data, insurance payment data and other information to improve the scoring process.