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Get to Know about CRIB

CRIB - The Credit Information Bureau of Sri Lanka is the first Credit Bureau in the South Asia. This maintains a database of Credit Information of all borrowers who have obtained financial assistance from the Authorized Lending Institutions in the country. CRIB is a credit disciplining mechanism that helps the borrowers to avoid bad credits and the lenders to prevent any fraud activities by the borrowers.

Check Your Credit Report

Credit report is a statement that has all data about your credit activities and your current credit status. It's a detailed breakdown of your loan paying history and your credit status. You could easily check your credit report by requesting CRIB for your credit report. In the credit report you can check the summary of your potential and current liabilities, status of your credit facilities, your dishonored cheque history, summary of your settled credit facilities and your last 24 months credit repayment history. Credit report is the best way to track your credit activities.

The Meaning of CRIB Blacklist

Any financial institution lends you the money because they have the confidence that you will repay the money on time but if you are a habitual late payer. Then the institution assumes that you will do the same with your new borrowing as well. So to avoid this inconvenience institutions demand CRIB to provide your repayment history before lending you the money.

CRIB gives your last 2 years repayment history and colours each facility based on the number of days in arrears. On-time payments are coloured in GREEN (usually 30 days), due time within 31-90 days are coloured in YELLOW and those facilities are due time over 90 days are coloured in RED. Thus, yellow colour is a warning sign and red is measured as bad credit. CRIB never Blacklist anybody.

CRIB just gathers credit data and repayment records of every individual for the record purpose, The credit report works as a file evidencing for your past repayment history, thus lending institutions take their decisions based on the report, On the basis of the report they will decide whether to sanction your applied loan or not. Just imagine if your credit report is marked all in yellow and red colours Then your potential lender will not extend another credit to you. This doesn't mean CRIB has blacklisted you. They have only highlighted the fact that you have record of a bad credit repayment history.

Reasons for Your Bad Credit

Now you may have this question in your mind - What are the reasons for bad credit? To help you out, here I have listed down the major reasons for bad credit, knowing about these reasons let you to prevent the bad credit consequences that may take number of years to correct.

• Late payments on your loan installments or credit cards payments.
• You failed to pay your debt after your final grace duration
• Due to the insufficient fund in your bank accounts you have the record of continues dishonoring of drawn cheques .
• Your guarantor has a record of bad credit history
• You have big number of closed credit accounts either been closed by you or by your creditor
• You have filed a dispute on a facility that is under investigation

Final verdicts

Bad credit happens because of our ignorance and poor financial management which is going to affect our entire life. So it's very important to maintain a good credit report. Understanding about CRIB credit report and CRIB blacklist can help you to prevent any bad credit record in your credit report. I hope this post helps you to gain some good knowledge and understanding about CRIB credit report and CRIB blacklist.

If you have any question regarding CRIB and its functions, ask them here, I will be glad to clear your doubts.