The Chart Pattana Kla Party is proposing the ‘Credit Sorting’ system to address chronic debt issues in Thailand.
Korn Chatikavanij, Chart Pattana Kla party leader, made the proposal while explaining that it is more productive to remove the ‘blacklist’ system of National Credit Bureau Company Limited.
He also said more Thais than ever are facing debt issues, especially given the current economic environment with higher living costs that have been exacerbated by the pandemic.
Korn noted that the ‘Credit Sorting’ system will evaluate each individual’s financial status using his or her actual related information. The information includes utility bills, mobile phone bills, and other financial burdens, not limited to debts. He said the Credit Sorting system would prevent debtors from resorting to illegal loan providers.
Korn added that introducing the new system and removing the blacklist system is a viable way to address the debt issue without needing any budget or abolishing the National Credit Bureau.
According to the party, 5.5 million people are currently being blacklisted, 3.2 million of which received the status during the height of the pandemic.
Korn said abolishing the blacklist system will allow banks to offer more loans at lowered costs and in a more impartial manner. (NNT)