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The credit report is one of the information sources used by participating financial institutions in assessing credit applications. The participating financial institution will inform the applicant that a credit check on the application will be conducted and the credit application will be reported to the Credit Bureau. Reference to the Credit Bureau is also made by participating financial institutions periodically to obtain updates on an existing borrower.
The credit report contains factual and historical data i.e. both positive and negative information about the credit standing of the borrower as reported by participating financial institutions. The Credit Bureau does not provide any opinion on the information in the credit report and does not blacklist any borrower regardless of the repayment history. Individual participating financial institution has its own internal policies when processing applications for financing. Lending and financing decisions by participating financial institutions depend on information obtained from various sources, including the credit report, the risk appetite and business strategy of individual participating financial institutions. As such, it is possible for one participating financial institution to approve an application while another may not, depending on the risk appetite of each participating financial institution. CCRIS may not necessarily be the only source of information used by the participating financial institutions in assessing the creditworthiness of an applicant or borrower.