Wednesday, February 17, 2010

CREDIT REFERENCE BUREAU (CRB Africa)

Pursuant to the "Credit Reference Bureau Regulations 2008" CBK has finally licensed the first credit reference bureau to offer banking sector credit information sharing services. Note that the licensee shares the same generic name with the regulations. CRB Africa has been existence in Kenya for a while and has a presence in several other African countries. The Company is aslo associated with Collection Africa, a debt collection firm.

The basic function of a credit bureau is to enable banks share information about borrowers for business decision making i.e. credit granting decisions. The bureau also keeps a credit history record of the borrower and can even assign a score related to the credit history.

Good credit scores can ease access to more credit which could be an opportunity for SMEs to access credit without the restrictive collateral requirements.

More on the subject will follow.

52 comments:

Anonymous said...

I thought these organizations keep credit history record of the borrower
for maximum of 7 years????????
Just learnt that these organization have records dating back to 2000????

Joj said...

The lawyer requires they keep the information for 7 years after Final payment of the debt, that means if you clear 7 Years from today they keep it for 14 Years

開心唷 said...

wonderful...................................................

仲亨 said...

thank for share, it is very important . ̄︿ ̄..................................................

kamau said...

This is what the kenya credi consumers had been lacking, infact you should be "Mortgagors' watchdog"

Mos said...

Can cbr kenya give me a statement of my credit statement on request ?

CREDIT KENYA said...

You can get your credit report at a fee. You are also entitled to receive a free copy of a credit report annually or upon receipt of an adverse action notice from a lending institution

Mativo said...

Mos, its true you are entitled to one free report in a year. Write to reports@crbafrica.com to get your credit report.

Haji Ibrahim Abdalla said...

My name is Haji Ibrahim Abdalla I.D. 10377199
I was seeking a loan facility from NBK Kitale but denied due to an adverse report from you.
They claim my name is appearing on your records as a Deliquent person.
Have been taking Loans and servicing them as required.and also been paying my bills promptly.
Kindly let me no where you got the adverse information
Have been highly inconvenience and my name has been tarnished due to your records my email address hiabdallah@agrifinance.com

Anonymous said...

Haji you are not alone I also applied and was told I appear in CRB as delinquent even though the bank had failed to inform. I have since cleared my balance but still no info from the bank nor from crb

joshua c. k. said...

im joshua,id number 22283681.i was employed by equity bank ltd and subsequently offered a loan which is given to all new employees to buy home equipments.while servicing my loan, i was unlawfully sacked (summary dismisal) without any notice. i stayed for two years without job only to get a job two months ago and on 15th June 2011 i received a letter from CRB that i have been black listed. please advice because i would like to clear my loan but in small installements since my salary is a bit little. my email is kakundi.joshua@yahoo.com

Thanks.

Mativo said...

@Haji- i would advise you to get in touch with crbafrica as you will be able to know what institution forwared your information and you be advised on what to do

@ anonymous - did you check with crb if the information has been updated. This is quite critical and more so with the seven year rule applying

@ Joshua - what you can do is have check with your bank to commit yourself to the repayments and what will be happening is that the bank will be updating the bureau with your repayments to reflect the true position of your account (if listed)
Hope this helps.

CREDIT KENYA said...

@Mativo - Thanks

@joshua - check your email

Makado said...

Hi!u guys are doing a good job.question,how long does it take for student loan authorities (read HELB) to forward defaulters names to CRB considering it could take a while before someone gets a job especially in Kenya??

denis said...

I feel trapped by my being listed with CRB, especially now that i have cleared my obligation with the bank that forwarded my details. How can i be cleared so as i can access credit in other banks immediately.

CREDIT KENYA said...

Hi Denis,
Please note that a bureau is required to retain information on non-performing loans until the end of seven years after it is repaid. This does not mean that no lender is allowed to lend the borrower any money during this period. It only means that the lender will take extra caution and negotiation will become more difficult for such a borrower.

denis said...

@Credit Kenya; thank you for the prompt response. Like i said, i have cleared with the complainant bank and they have given me a letter to that effect, assuring me that plans are underway to have my status updated with the bureau. However, a loan am processing with another bank will go through if i can get a letter from the CRB confirming that i have FULLY AND SATISFACTORILY settled my account with the bank that forwarded my details. Is it possible for the bureau to give me a clearance letter if i can prove that i have cleared the first bank's claim?? Thank you.

Josphat Mwaniki said...

Hallo'' am a very disappointed Kenyan, i had loan with Kenya Eclof of which i was to clear the balance of ksh 29000 by oct 2011 and my savings were ksh43,978 even more than my loan balance of which i have so far cleared but last week i received information that my name is in your list,how can this happen and why yet i was not in any arrears of which ECLOF KENYA owned me about ksh 23000.

Josphat Mwaniki said...

how can i clear my name from your list since am not a defaulter? can i sue Eclof Kenya for the damage they have a costed me since this was after i had some differences with the officer who was in charge of the group and i do understand it was out of malice and miss understanding of each other?

CREDIT KENYA said...

@Josphat Customers have the right to dispute any information about them held in a credit reference bureau. The law and regulations also set out procedures for settling disputes. If a dispute is not settled within a specified time period, the disputed information will have to be removed from the databases of all credit reference bureaus. You should send your credit report disputes directly to the credit bureau that provided the report containing the error. You can dispute any incomplete or inaccurate information on your credit report.

Please note creditkenya.com is just an advisory portal and not at all related or affiliated to any credit bureau or credit provider.

Josphat Mwaniki said...

@ Credit kenya''Thank you for your respond but the problem is how one feel when his name is messdup by human error of which the damage is already done and the person who is responsible care not' i think its better for the Bureau to be requesting for proper informations like even the fainacial institution comunacations with the person concerned to avoid such mistakes.You know when a mistake happen nobody would agree to be blamed,like this one am the one who is claming to be refunded my savings yet i have been listed like a defaulter and the Loan repayment period is not even over,,

Anonymous said...

can co-operatives participate in credit referencing? what does the SACCO ACT say about debt the conduct of collectors?

Anonymous said...

Thank you for your good work, Q: my name is Xx i had a credit card which i was handling very well up to march 2010, I lost my job and for three years did not have finances at all. What could be the consequences from the bank.Can the interest be revised downwards just incase i get some little monies to pay from the date i stopped operating the account.Worried.
Kindly help.

CREDIT KENYA said...

@anonymous saccos are not yet linked to the credit referencing yet. It only applies to banks (for now.

@anonymous If you have not been servicing your credit card account, you may be in big financial trouble.
Better check your credit report and the balance due, then seek for a repayment arrangement before they come for you and your stuff

Anonymous said...

Dear CRB, i had not serviced my loan for 4 months, but i resumed after my bank tells me i have been listed as a delinquent borrower, is there a way this can be reversed, since i have been consistent with my repayments ever since?

Anonymous said...

Please note that this is a blog, not the CRB site. I think CRB needs to do some self promotion, increased transparency would also be in order.

Anonymous said...

I have a question for you and i believe you will be able to give a clear answer.
I took unsecured loan from a local bank sometimes in August 2009.My employer was deducting the monthly repayment from my salary and remitting the same to the bank.In february 2010 i lost my job and since then i have not been able to secure any job though i managed to pay my monthly instalment from my small saving till July 2010 when my savings became exhausted and therefore not able to make any further repayments. The Matatu that i had bought with the loaned amount was stolen after one month of it being on the road.
I know that i owe the bank and i will definitely resume paying my monthly instalment once i get a source of income. I suspect they have forwarded my name to your bureau.
Will i be cleared when i resume repayments? Thanks

CREDIT KENYA said...

You need to get your credit report from Credit Reference Bureau. You are entitled to a free copy of your credit report if you have not obtained one in the last twelve months. Check out their website www.crbafrica.com and request for your report.

In the event negative information is in your report, a bureau is required to retain information on non-performing loans until the end of seven years after it is repaid. This however does not mean that no lender is allowed to lend the borrower any money during this period. It only means that the lender will take extra caution and negotiation will become more difficult for such a borrower.

Anonymous said...

must one stay in crb blacklist for 7 years before being "freed?"

Sammy Kariuki said...

I had a loan with Equity bank which I had not cleared. After clearing my loan plus interest, they did not update my status to full payment from CRB. Can anyone please advice?

I've been applying for loans but am always denied due to my status.

kienjekuwanjiru said...

are guarantors forwarded to crb once those they guaranteed defaults

Anonymous said...

@Kariuki note that negative info is kept for seven years even if you clear your loan,plus banks can deny loans for other reasons

@Wanjiru only negative info of the defaulter is shared

Sammy Kariuki said...

After clearing my loan with Equity and my name still appears on CRB. After clearing my name from CRB, does it mean that I won't get any loans from my current facility?

Stephen Mbati said...

I have noted with concern that most of the defaulters are victims of circumstances. Most of them lost their jobs at some point and had no other source of income. i think the banks should compel employers to be pay the loans when they retrench staffs. Again there should be some consideration for those who are willing to resume paying their loans.

I have not understood why banks should charge hefty penalties to defaulted borrowers and again block them for 7 years from getting the facility. This is very unfair. Something must be done.

George andiego said...

hi,if you are a graduate who benefited from the HELB loan some times back,six years after graduation you are still unemployed and with no capital to start a business.how do you become a loan defaulter?

Anonymous said...

Is it possible to get my credit report online?

James Kim said...

How can i clear my name from your list.i was guaranteeing my friend a loan surprisingly i was told my name is on the list.have never defaulted any payment my payslip is up to date.who should take the responsibility?

Anonymous said...

i am x. took a loan with kcb stopped paying the loan how long will i be put to crb list

Anonymous said...

You can be listed the moment your loan is in default usually after ninety days

Anonymous said...

my name is ASHA SEFU JUMA:
I.D NUMBER 12488282.
PLEASE SEND ME MY REPORT THROUGH:
bosujumatatu@yahoo.com.

kimani said...

first i wish to congratulate you for the work you are doing,i think its important for people to keep healthy financial records,am also satisfied with the response you have been giving my other complainants.second i have a problem with CFC stanbic bank nakuru branch which listed me as a defaulter,they gave me a loan at the interest rate of 20% only to charge me interest rate of 42.5%I launched my complain with CBK officials who advised me to get the offer letter from cfc showing the terms of the loan.cfc bank refused to give me the offer letter saying it did does not give offer letter,i asked them how much was the outstanding balance by then so i clear,they gave me a figure which i gave them a cheque equivalent.after depositing the cheque with them they told me it was not enough,they deducted the installment due on that month and the rest of the money was left in my account.i withdrew that money and decided to push them to give me the letter which they declined,all they use to do is to threaten me with crb,on march 13 this year they did good their threat and listed me,i went and talked to one of the manager MR ken kanyarati NAIROBI ,i shared with him my concern and he deducted the excess amount from my loan balance(and that was my all i wanted all along).I paid the balance got a clearance letter both from CRB and cfc,but my problem is that my credit reputation was damaged,and i have to wait for seven years.That listing has affected me since even my bank equity did not consider the full amount i had applied even though i had earlier on gotten assurance that i would get the full amount.how can i clear my name with CRB.THANK KIMANI

kimani said...

am kimani who has un issue with cfc,you can reach me on my email.midmember@ymail.com

mwangi said...

i got listed in the crb and want to clear myself in order to get a loan what can i do

Ambrose Odhiambo said...

my name is ambrose odhiambo.you usually claim that crb does not tell lending institutions to deny credit to persons who have been listed(bt have cleared with the listing institution)I applied for a loan with coop bank last year bt it declined.wen I asked the person who was processing the loan she said that crb declined to approve my loan application!now whos is telling the truth?

ken monyoncho said...

Good evening

How can I get a CRB Report

Anonymous said...

halo I had a loan by M-shwari which I took a while before paying, later got a text informing me of being forwarded to you, how can I get know my detail with you. e-mail jimubery@yahoo.com

Anonymous said...

I took checkoff loan with kcb. No even single month my employer has opted to deduct my salary but i received a message from KCB my name has been forwared to CRB.When i reported the debt was immediately settled. .how?? where was my money going before?? any advise?

levis siminyu dome said...

crb am a helb beneficiary n you have blacklisted me yet upon completion of my course I got an accident hence not in a position to service my loan. Kindly help me get out of this list because its not my making. Levisdome@yahoo.com

Jack Owino said...

Mr. jack Owino,
i had taken a loan from Barclays Bank and i cleared it on 24th April 2012. i together with my family can not access any loan facilites for am informed that am listed with crb as a defaulter.
expecting a response from you as am contemplating legal actions against Barclays Bank and crb.

Jack Owino 00009145698 said...

Jack Owino
crn: 00009145698
I want my name to be cleared with crb so that me and my family can access credit facilities. i don't have an loan the loan in question i cleared on 24th April 2012.
Hoping to hear from you as am contemplating legal action.

Anonymous said...

Hi CRB, Kindly email me your physical location in Nrb. I need to clear my name as a requirement by my banker. C. Indieka (cdianga2001@yahoo.com)

Anonymous said...

I never took a loan but withdrew money that was deposited in my account by an unknown person. This has led to me being blacklisted. Can I pay back the money without an interest or what happens.pls advice