Thailand gets tough on loan approval? Bank of Ayuttaya & Credit Bureau offer widespread credit check service

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Univac1-LO (Photo credit: Wikipedia)

A Thai Bank, Bank of Ayuthaya, and Thailand’s Credit Bureau, have formed an agreement to offer credit check at the bank’s 600 branches, reports Matichon, a Thai press for the progressive intellect. The bank and the credit bureau, is to start the service in November of this year. The bank’s assistant to the MD, Krit Chanthonok, said the credit bureau service, will help the bank’s customer check their credit, before applying for loans, saving both the bank’s and the customer time. The service will also be offered to all. The National Credit Bureau (NCB) reported that credit inquiries by banks in the first eight months reached 10 million transactions, compared with 6.5 million during all of last year, reflecting financial institutions‘ stricter criteria. Surapol Opasatien, chief executive officer of the NCB, said financial houses had become more cautious with their lending even though the rate of non-performing loans (NPLs) had not significantly increased. Currently the NCB monitors 73 million accounts, of which 1.1 million are loans whose payments are more than 90 days past due. State Bank, Krungthai Bank, president Vorapak Tanyawong said KTB had increased the frequency of inquiries to help screen loan applicants. (Source)

 

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