Credit Information Bureau of Sri Lanka General Manager Pushpike Jayasundera has told the media that more than half of the population in Sri Lanka have been recorded in the Credit Information Bureau (CRIB) and therefore, they cannot get a loan from a recognized financial institution.
Mr. Jayasundera also said that the reason for this is the lack of knowledge about debt management of Sri Lankans compared to other countries in the South Asian region.
He pointed out that although many people have paid their loans and lease installments properly, some financial companies have not updated the information.
In order to correct this situation, Sri Lanka Credit Information Bureau has taken many steps to educate the people about debt management.
The General Manager said that any person has been provided the facility to obtain their credit information report through the website http://www.crib.lk without going to a financial institution.
Meanwhile, economic experts pointed out that although the CRIB is a tool to protect the credit and banking system, it has posed a great challenge to the country when moving away from bankruptcy.
CRIB information has especially affected the growth of informal transactions in Sri Lanka.
Since a person who has their information recorded at CRIB is unable to get a loan from the banking system, they resort to alternative investments methods eventually even destroying their business.
They pointed out that it also leads to an increase in suicides.
