Prior to the formation of CRIB, Banks and Financial institutions had to call from all other financial institutions credit information on prospective borrowers before making credit decisions. This procedure was rather cumbersome and time-consuming.
CRIB therefore facilitates speedy processing of credit to individuals, SMEs and corporates. It also enables lending institutions to identify willful defaulters.
If previous repayments have been made dutifully, it helps the lending institutions to make favorable decisions when giving credit. So, it’s actually good to have your name with the CRIB.