How to clear your name from a CRB blacklisting
Credit Reference Bureaus (CRBs) are organizations that collect data from lending institutions such as banks, Microfinance Institutions, SACCOs, etc, about borrowers. This data includes a borrower’s loans, when the loan was taken, how long it has taken them to repay, whether they paid on time, and so on. This information helps lenders as they review borrowers on a continuous basis, and helps them determine whether or not to issue a loan.
Kenya has made huge strides where financial services are concerned. Financial inclusion has increased greatly. This has come with easy access to credit, which has been helpful for those in business.
What does it mean to get blacklisted by a CRB?
A CRB Blacklisting is a common term that is used to mean a very low credit score on your CRB listing. A very low credit score demonstrates that you have defaulted on some of your loans or you have not paid as per the agreement you had with the lenders. This information has become very critical as all lenders consider it before they give you a loan.
How do we clear our name if blacklisted?
Step 1: Get brutally honest with yourself.
Get your personal report and find out which financial institution blacklisted you
Having failed to pay your loans in time, there is a high likelihood that you have a very low credit score on CRB which will flag you as a defaulter.
You may also be listed if you have guaranteed someone who defaulted on their loan.
How to check your CRB listing
Method 1 : Metropol Credit Reference Bureau
You can access CRB services from Metropol through Metropol website,metropol crystobol app or by dialling*433#.
You will Pay kes 50 as registration fees through the Paybill number 220388.Enter your ID number as the account number.
You’ll get an SMS with your unique PIN details,a Reference Number and a special Link
After you register you can now dial *433# and login using details provided
CRB METROPOL CHARGES
CRB Credit Score- You will pay ksh 150 to get your credit score per year. You will be awarded marks between 200-900. Marks below 400 means your rating is low because you are a defaulter. Rating near 800-900 means you have high rating.
Credit Report- Pay ksh 250 to get detailed information on institutions that have listed you.
CRB Kenya clearance certificate: after making sure you have cleared all your loans. You can now be issued with clearance certificate at ksh 2200
Method 2 : Transunion Credit Reference Bureau
- Send your full names to 21272
- Enter your ID number
- Choose CC (meaning Credit Status)
- Receive your CRB status.
CRB Credit report in Kenya – pay ksh650
CRB Clearance certificate in Kenya you pay – ksh 2200
METHOD 3:Credit Info CRB Kenya
You can still register with creditinfo to get your credit information yearly. Simply visit creditinfo.co.ke to register. You’ll then receive your credit report on your email address.
Step 2: Get in touch with the financial institution that listed you and pay down your debt
Obtain the details of the financial institution that listed you. Get in touch with them and come up with a payment plan that will see you complete your loan. Negotiate the terms of the loan so that your loan repayments are manageable and keep at it. Try to pay down at least 3% of your outstanding loan every month.
In some instances, some financial institutions may agree to de-list you if you repay a significant part of the outstanding amount. So keep in touch with them and honour your word so that your credit score can be improved.
Step 3: Be consistent with your repayments and follow-up on delisting communication
Ensure you make the agreed-upon repayment based on your discussion with the financial institution and be consistent with it. Keep talking to the financial institution and make them your friend. Keep them updated on your progress and where possible, work with your Relationship Manager or Bank Manager.
Once the loan is fully repaid, the institution that blacklisted you should to write to the CRB asking them to delist your name from the negative listing.
Step 4: Obtain CRB Clearance Certificate
Once you have completed your loan, apply for a CRB Clearance Certificate. To get this certificate, you must make an application through a licensed CRB company. It will cost you Kes 2,200 for the certificate. The Central Bank of Kenya has licensed the following Credit Reference Bureaus:
- Metropol Corporation
- TransUnion Africa
- Creditinfo Kenya
Now that your CRB listing status has improved, i.e. you have a higher credit rating, ensure that you make wise financial decisions when it comes to taking and managing debt.
Watch this interview below with a credit expert, Timothy Gathima for additional details of how you can get help.