CCRIS plays a vital role in assessing an individual’s and business’s creditworthiness. With an efficient process of CCRIS data submission, it helps financial institutions make more informed and faster decisions when assessing the creditworthiness of potential applicants.
The question then raised is, what will help FIs to be more efficient in assessing the creditworthiness of an individual? To improve efficiency, developing automated systems is the way to go.
An automated system can reduce manual efforts and speed up the process as well as help in pre-screening applicants and flagging high-risk rases for further review.
Central Credit Reference Information System (CCRIS) report is a centralized credit reporting system that is managed by the Credit Bureaus of the country’s central bank. The aim is to facilitate credit risk management among banks.
The CCRIS report will show the history of a borrower over the past 12 months. These credit reports are made available to financial institutions, borrowers (upon request), and approved credit reporting agencies (with the borrower’s consent).
Financial Institutions are bound to provide accurate credit information and update them in a timely manner. Any updates to a borrower’s credit history will only be made by financial institutions and will be reflected in the CCRIS report on the 10th of the subsequent month.
CCRIS Report and how your credit scores impact your loan application?
Information that is obtained from CCRIS is used as key input in a bank’s credit decisions. It is one of the many sources used to assess financing applications. In other words, the banks will use this CCRIS report to evaluate your loan eligibility.
The availability and wider use of current information has facilitated robust credit decisions and this can help in minimizing incidences of excessive borrowings among borrowers.
It is vital to ensure the accuracy and completeness of credit information that is used to form credit decisions. Any inaccurate, and incomplete information can have a negative effect on the individual in terms of loan eligibility while exposing financial institutions to the risk of losses.
A credit score will indicate your creditworthiness to the banks. Borrowers who maintain a good credit history, demonstrate a strong financial discipline and are able to secure borrowings in the future at more favorable terms and rates. Being rejected from a loan application will be noted on your CCRIS report for the next 12 months.
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