CRIB scores to be introduced from today

(FASTNEWS | COLOMBO) – The Sri Lanka Credit Information Bureau will introduce a new scheme from today to award scores to individuals and institutions interested in obtaining loans from banks and financial institutions.

Speaking to a prominent online news portal in the isle, Operations Manager of the CRIB Indika Dissanayake said the new system has been implemented in developed countries as a method to mitigate credit risks.

The scheme awards scores to individuals and institutions obtaining loans.

Crib scores will be awarded from 250 points to 900 points and will be classified into five categories ranging from low-risk to high-risk depending on the individual’s or institution’s former credit transactions.

The CRIB said accordingly banks and financial institutions will be able to assess the ability of a person or an institution to pay back debts.

Dissanayake added persons will be able to use CRIB scores to prove their reputation on financial discipline when they apply for loans.

The Operations Manager added the new scheme of CRIB scores had been introduced in order to commemorate the 30th Anniversary of the Sri Lanka Credit Information Bureau.