An elaborate system for exchange of credit information among lending banks was devised to deal with these deficiencies while three new Credit Information Companies (CICs) were licenced and were in the process of being set up. The subprime crisis is an example of the extremely serious consequences of lending based on inadequate credit information (risk profiling).
These high risk subprime assets were securitised through a complex and long chain of intermediaries. The investors relied largely  BIS central bankers’ speeches  3  on ratings, though it should have been obvious to them that ratings are no substitute for careful due diligence before investing.