Business Times

CRIB and what it stands for

Nations Trust Bank (NTB) is educating its customers of their rights, responsibilities and obligations as borrowers as well as the defined process employed by the Bank in accordance with the law in the collection and recovery of dues.

Most important in this process is the role of the Credit information Bureau (CRIB), an independent repository of credit information and credit history of borrowers. All authorized financial institutions are mandated to provide the Bureau with factual information on credit granted to customers and how they service their debts.

NTB explained in a statement that the Bureau consolidates this information provided by all authorized financial institutions into the Bureau database and in return, financial institutions can refer to credit reports and credit history of customers who wish to borrow from them.

Manager Cards & Consumer Assets for NTB Lewie Diasz said that if customers who take loans do not adhere to the agreed repayment schedule, a defined process is followed to recover the dues. The process may involve reminding by telephone calls, sending letters and notices, personal visits, repossession of security where applicable and legal action.

It is also mandatory that the Bank informs CRIB of overdue debts of customers. The credit report contains information about different financial obligations of individuals and/or legal entities, including information on the behaviour and history of meeting financial obligations.

NTB stated that banks and credit organizations access this information to process applications for a loan, credit card or even to accept as a guarantor. As the credit report is updated monthly, it is important that customers review their information periodically to check its accuracy.

According to the NTB, credit history is perhaps the most significant factor lenders consider when an application is made for credit from an institution. Building a good credit record is an important step for reflecting credit worthiness of an individual.

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