If you are blacklisted by the Credit Reference Bureau,then you need to know what you can do to get a clearance certificate from CRB in order to affirm your creditworthiness to the potential lenders and also increase your chances of being granted a loan by any lender .
WHAT’S A CREDIT REFERENCE BUREAU (CRB) IN KENYA
A credit reference bureau is a company licensed by central bank of Kenya to collect, store and collate credit information on individuals and companies from different sources and provide the information in form of a credit report upon the request of a lender.
There are three CRB agents that are licensed for operation and they are regulated by the Central Bank of Kenya. These include;
- Trans union
You can get a CRB clearance certificate from any of those agents.
Both the government and private sectors are making it mandatory for prospect employees to provide a certificate of clearance from any of the above licensed CRB agents
What is a CRB certificate of clearance?
A certificate of a clearance is a document that confirms that currently a customer does not have a non- performing account.
You don’t need to pay in order to get your record updated by a CRB. Actually sharing data with CRB id free for all lenders but then when a customer has a negative listing ,a lender ask for a certificate of clearance from CRB
How to get the clearance certificate if you are not listed on CRB
After confirming your status, you can proceed to apply for the CRB certificate. All that you need to do is to register with either Creditinfo, Metropol, or Transunion.
For Transunion certificate, send Kshs 2200 via the paybill number 212121 and enter your ID number in the account section. Forward the Mpesa message to the email email@example.com
For the Metropol CRB clearance certificate, send Kshs 2200 via the paybill number 220338 and request for the certificate online.
How to clear with CRB if you are a defaulter
You can only be cleared if you have cleared the outstanding debt with the lender. If you have defaulted on loan repayment, you should try to clear the loan. In the case of a banking institution, you can renegotiate the loan terms and come up with manageable instalments if the loan cannot be cleared in one instalment.
You might be forced to release collateral to cover the loan so that you can improve your credit score. As soon as you have repaid the loan in full, you can only wait for a day or two for the credit score rating to be updated. Afterwards, you can proceed to apply for the clearance certificate.
How long is a certificate of clearance valid?
A certificate of clearance is valid as at the date of issue. This is because CRBs receive information on a daily basis which could alter the customer information.