1 Is/are there cases of inaccurate information? Customer A, for instance, had a loan (Bank Z) with current payments – never been late – and later this customer goes to Bank Y for another loan but their credit report displays late payment. If this is the case, is the fault caused by the Bank’s staff (i.e. Bank Z’s staff) or CBC’s technical issue?
CBC: In the scenario presented, inaccurate information potentially can happen in some very rare occasion. This is further related to certain glitch in the core banking system of some banks for which CBC do not have control, in addition this is neither a fault caused by bank’s staff – unless intentional – nor CBC’s mistake or error. However in this situation, the customers are encouraged to get in touch with CBC to have the information corrected if it happens to be the truth with justification documents. Customers looking for loans are strongly advised to get in touch with CBC first, where they can request their own credit report for free once in a year. If there are inaccurate information those can be handled by the CBC to get things corrected. The CBC is at the service of both the financial institutions and the general public, in fact of all Cambodian citizens where they can have access to their credit information equally as the banks do. Since inception of the CBC the satisfaction rate of consumers coming to request their credit report is 100% satisfied with the accuracy of the report including cases with errors being solved.
2 Do you reckon some Banking Officers will purposely provide the CBC with faulty credit information in order to discourage other Banks from approving loans for those customers are good customers for their Bank?
CBC: This would be a very serious offense towards the regulation supervised by the National Bank of Cambodia and a breach of the Prakas on Credit Report issued in May 2011, hence the risk taken by the officers are extremely high as the consequence would impact the entire bank. Consumers are legitimately protected against faulty credit information as consumers can reach to the CBC to raise their case for correction and an investigation would be conducted by us. If there are cases of intentional fraud the case is communicated and transferred to the NBC for further actions to be taken against the bank.
3 Do you see Data Management at current stage is effectively controlled?
CBC: The CBC have put in place strict policy, process, procedure and system around Data Management. All our data are being complete, monthly checked and reported to the NBC. The CBC is constantly looking in improving and enhancing its capability in terms of Data Management as technology are evolving.