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Credit reports now available at Acleda branches

Sok Chan / Khmer Times Share:
Oeur Sothearoath and In Channy during the press conference. KT

Acleda Bank’s customers can now check their creditworthiness at selected branches across the country thanks to a new partnership with the Credit Bureau of Cambodia.

Following a cooperation agreement signed in December, CBC’s Financial Health Check service is available at Acleda Bank’s headquarters in Phnom Penh as well as four other branches in Kandal, Takeo, Siem Reap, and Kampong Speu.

Anyone can check their credit reports by presenting their national identity card or passport at one of the five selected Acleda branches.

The service will be expanded to all Acleda branches across the country by the end of the year, Oeur Sothearoath, CBC’s CEO said in a press conference yesterday.

Mr Sothearoath said CBC hopes the partnership will enhance access to credit reports for all Cambodians, particularly for those living in rural areas.

“This is our first cooperation with Acleda Bank,” he said.

“We are looking to partner up with strong players in the financial sector with many branches across the country.”

Paying $7.5 allows customers to check the report two times, $10 gives them the right to access the report on three different occasions, and $12.5 buys them four views. The report can be accessed immediately by digital means, Mr Sothearoath said.

In Channy, president and group managing director of Acleda Bank, said that, by law, banks must check customers’ creditworthiness before giving out a loan.

“Why should customers check their credit report? Because it is required by law. Also, customers and financial institutions must be clear on the customer’s debt history before a loan is issued,” Mr Channy said.

Mr Channy said the service can be used by customers who wish to take out a loan with a different bank, but added that the process takes less time when the loan is disbursed by Acleda.

CBC provides commercial credit insight that helps businesses reduce their costs, increase their revenues and reduce the risks associated with their credit portfolio. Its notification services allow users to track, analyse and take action quickly to reduce write-offs and identify additional revenue opportunities.

157 financial institutions, leasing companies, and rural credit institutions are members of CBC, with the bureau having 5 million people in its database, Mr Sothearoath said.

Last year, CBC issued about 17 million credit reports across the country, he added.

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