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Sunday, May 20, 2007

Individual Credit Score Reporting in Bangladesh

Veru much like Equifax and Experian in the UK, could we have Bangladeshi companies providing individual credit score reporting in exchange of a fee? We already have two companies in Bangladesh called CRISL (Credit Rating Information Services Ltd.) and CRAB (Credit Rating Agency of Bangladesh) who have been providing credit scoring services to institutional clients like banks, NBFIs, companies willing to float IPOs etc. Do they have the capacity or any sort of plan to provide credit scores of credit worthy individuals? I know that when retail consumers apply for different types of loans, every bank has a mechanism to grade the risk level of that particular client. But could there be anything uniform? Something which could take into account an individuals past records, bank details, frequency of address change, ownership of fixed assets etc. Individual credit reporting is very important in western economies and lies in the core of consumer credit and the whole credit market. Can we think in that line too? Is it possible or not? May be experts would be able to answer well.

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