You default a loan when you breach its repayment terms and conditions.
Many people in Kenya are loan defaulters, especially the youths. Ever since the introduction of mobile loan apps people are able to access loan more easily compare to the past. This has lead to the rise of defaulters listed on credit reference bureau (CRB).
What many defaulter are not aware of is that when you’re listed with CRB you not only have to clear your loan so as to improve your chances of getting a second loan but also you have to get that bureau CRB clearance to regain your borrowing power.
Being a loan defaulter comes with a serious consequence. First, you will have a lower chances of being employed if your employer uses reference bureau CRB, when it comes to insurance like car/personal health cover you will be charged higher, and lastly you won’t get loan from other lender.
So, how can you get the CRB clearance certificate?
- Clear your loan with your lender then wait for your new credit score rating to reflect on CRB. This will take a day or two.
- Apply for your clearance certificate report either from Credit info, Metropol Credit Reference, or TransUnion Africa Limited. You will have to pay Ksh. 2200 to get it.
Note that if you do not have a negative listing on you credit report, you will get a clearance certificate but if you listing is bad, you will be issued a credit status certificate.
Dial *433# using your Safaricom line, enter your ID number, confirm your details to complete the registration process, pay Ksh. 100 as registration fee through pay bill number 220388 use your ID as account number, you will receive a confirmation message with a PIN, visit metropol website, enter pin then select clearance certificate, Pay Ksh. 2200 for the certificate through pay bill number 220388, and lastly follow the instruction provided to download the clearance certificate.
Follow instructions on their website and then fill the form thereof.
Download the TransUnion Nipashe app, register by paying Ksh. 50 to pay bill number 212121 and use your ID as account number, pay 2200 then email your transaction details to [email protected]
- If you are still doubting may be you’re not cleared, simply SMS name to 21272 and pay Ksh. 50 to get your annual credit information report.
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