On 15 May 2009, the Banco Central de Timor-Leste (BCTL) issued Instruction No.3/2009 on Establishment of Credit Registry Information System (CRIS). The objective is to assist lending institution to enhance the credit risk assessment for lending decision making process. Under this Instruction, the BCTL takes responsibility to manage the system and Participating Entity consisted of licensed commercial bank and other lending institutions licensed by the BCTL.
Database of CRIS contained negative and positive individual information of borrower either natural person or legal person/business entities such as full name, details identification (electoral number for natural person and TIN for legal entity), marital status (natural person), address, total credit approved, data of credit disbursed, current outstanding loans, monthly payment, credit classification (standard, past due, closed), date of last payment, and type of collateral. Each Participating Entity shall ensure that a written Consent Clause has been obtained from each Borrower or potential Borrower before obtaining Credit Data about the Borrower or submitting Credit Data about the Borrower to the CRIS.
Electoral card and TIN are unique identification that will use by Participating Entity to access into the system in online basis. Each Participating Entity is requested to submit new loans and updating credit information of overall credit disbursed together with a reconciliation of total credit obligation record in the CRIS. All credit data of borrower will retain in the CRIS for no less than five years from the date of the full repayment of credit.
