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CREDIT REGISTRY

Introduction

 
What is Credit Registry?

Credit Registry is a system, which contains information on credibility of customers of banks/credit institutions. Credit Registry accumulates, processes and provides users with information on, and loans extended to, borrowers. Information collected by Credit Registry constitutes a loan history for each borrower, which the lender shall use for evaluation of preliminary credibility of the borrower.

What is Credit Registry for?

Credit Registry contributes to enhancing soundness of the banking system, and:
  • allows banks to have basic understanding of credibility of the borrower and avoid careless borrowers;
  • reduces a bank's cost in collecting information on borrowers;
  • promotes increased borrower discipline as Credit Registry will disseminate the information on careless borrowers throughout the system;
  • identifies all borrower liabilities and provides such information to lenders so as to disallow assumption of greater responsibilities by the borrower; and develops borrower loan history, which facilitates loan origination for the customers with good loan history. 
     
Who are users of information of Credit Registry?

Users of the information of Credit Registry include banks, credit institutions, borrowers and the Central Bank. Bank and credit institutions shall use the information of Credit Registry in order to evaluate credibility of the customers. The borrower may obtain information concerning it from Credit Registry to verify accuracy of such information, submit the same to another lender (non-bank or credit institution), or for other purposes. The Central Bank shall use the information of Credit Registry in order to assess exposures to loan portfolios of commercial bank and credit institutions.
 
Regulation system of Credit Registry
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