CIBSL to spread wings among insurance companies

Anjana SAMARASINGHE

EXPANSION: Credit Information Bureau of Sri Lanka CIBSL is to expand its services to the insurance companies, mobile operators and government organizations next year.

Director/ General Manager of CIBSL N.P.H Amarasena told Daily News under their modernization project they expect to provide services to insurance companies, mobile operators, government organizations and home appliances importers, to facilitate access to credit.

CIBSL issues individual credit report and corporate credit report for its member organisations on request, to help them to enhance credit risk management and to administer a faster, more credit assessment process.

These member organizations are banks, leasing companies and other financial institutes.

At the moment CIBSL providing 3500 to 4000 credit reports per day. Most of the report recipients are banks for their credit assessments.

There is a significant growth in providing credit reports. Last year CIBSL produced 60000 reports per month and this year it has increased up to 75000.

At the moment we are updating our information manually collected through the lending institutions on their credit data to provide credit reports. This is time consuming and high costly he said.

Under the modernisation project bureau expects to collect data via a computerised system through the lending institutions to collect accurate data with a minimum time for these credit reports.

Through the modernisation project bureau will collect data on any amount of credit provided by the lending institutions. At present CIBSL collecting information on credits over Rs. 500000.

Many SMEs think that CIBSL is blacklisting them by recording all the credits that they had borrowed. Due to this CIBSL had to delete nearly 28000 records in last August credits which are below RS. 500000.

CIBSL is not blacklisting SMEs or any party we are just facilitating the access to the credits, he said.

We also expect to formulate new rating system for the local credit market he added.