5 reasons why you should check your credit report frequently!
The year 2014 began on a high note for Kenya’s Credit Information Sharing (CIS) mechanism, with the publication of the Credit Reference Bureau (CRB) Regulations 2013. The new Regulations opened a new chapter in the CIS mechanism by among others, allowing both commercial banks and microfinance banks (previously known as Deposit-Taking Microfinance Institutions – DTMs) to share information on their good and bad borrowers, away from the traditional approach of sharing information on defaulters only amongst commercial banks. Other provisions included the reduction of data retention rules from seven to five years, issuance of pre-llisting notices to borrowers before they …
Tips on building and maintaining a positive credit profile!
If I am listed in the Credit Reference Bureau, will I ever qualify for a loan in future? What can I do to attain and maintain and build a positive credit reputation? These two questions have lingered in the mind of any borrower at some point in time and in this week’s blog piece, we attempt to share some advice on building and maintaining that esteemed and attractive credit profile. But first, it is important to know that as per the Credit Reference Bureau Regulations 2013, commercial and microfinance banks are mandated to share information on both their good and …