According to the World Bank’s Doing Business 2020 report, Sri Lanka ranked at 132 with a Doing Business Score of 40.0 in the Getting Credit indicator. Although Sri Lanka performs better than the region in terms of the depth of credit information available, the country is currently aiming to improve its performance on the strength of legal rights index relating to secured transactions.
Sri Lanka has been strengthening its credit reporting systems, focusing on improving the depth of credit information available to lenders and borrowers and strengthening legal rights. In January 2020, the Credit Information Bureau (CRIB) launched a ‘credit score’ as a value-added service available to financial institutions. This measure helps lenders to make decisions on a broader metric than only a borrower’s credit report.
CRIB is also expected to introduce ‘non-financial data’ to its credit reporting system in the future, which includes additional information such as selected utility payment history.