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Credit Information Bureau

The Credit Information Bureau (CIB) is an organization that collects credit data on borrowers from its member financial institutions. The major purpose of the CIB’s database is to enable financial institutions to know the credit history of their prospective customers. Using the CIB’s database a financial institution can know whether a borrower (an individual or corporate entity) has borrowed in the past, how timely they have been with their payments, whether they have defaulted on any prior loans, etc. This information is available in the form of a credit report.

Credit reports are then made available on request to contributing member financial institutions. These reports are effective tools for managing risks and making informed lending decisions.

CIB’s member institutions mostly include:

• Commercial Banks

• Development Financial Institutions

• Specialized Banks

• Islamic Banks

• Micro Finance Institutions

• Investment Banks

• Leasing Companies

• Modarabas

What makes for an adverse or negative report

For individual borrowers, a negative report would be one that has:

- Any write-off reported either in present reporting month or in the past twelve months

- One that has a under past due 30+, 60+, 90+ days

In case of corporate borrowers against whom overdue amount is reported for the first time, the SBP serves notices to such borrowers for settlement of their liabilities within 30 days, failing which overdue amount against them is reflected in CIB database against their record.

All member financial institutions can generate online reports of their existing and prospective borrowers. The credit report of a borrower is generally used to assess his/her past track of loan repayment and his/her credit worthiness. SBP regulations do not instruct financial institutions to stop working with borrowers who have a negative report. However, the financial institutions give due weight to Credit Information Reports while assessing what type and how much credit to offer to such borrowers.

Important Note: Financial institutions are not allowed to use credit reports for marketing of their financial products and are bound not to divulge information to a third party. Disclosure to third party is strictly prohibited under the law. And individuals and corporate entities are not entitled to obtain their credit information reports.

For further details about the Credit Information Bureau, please click go their website here