Kenyan youth are defaulting on loans at an alarming rate, according to new statistics from the Credit Reference Bureau (CRB). With 17 million potential borrowers, the youth make up the majority and have discovered innovative ways to circumvent the system in order to obtain new loans while failing on previous ones.
The CRB clearance certificate is a document that states the credit history of an individual. It will show you your credit score and any loans you might have taken from a financial institution and your repayment plan history. Credit Reference Bureau (CRB) clearance certificate is issued by the Credit Reference Bureaus in Kenya, namely;
A credit reference bureau (CRB) is an organization that focuses on gathering data concerning the credit performance rating for firms and individual citizens. Majority of government institutions will require that you present them with a clearance certificate from CRB before they transact any business with you. Lending institutions by law are given a green light to submit names of defaulters to the CRB for listing.
A Credit Reference Bureau (CRB) is an organisation that monitors the behaviour of a lender (someone with a loan) to enable lenders to deal with non-performing loans and reduce the loan default risk. A positive CRB listing means a loan that is being serviced (loan repayment is consistent) and negative means a loan that went on default (no payments).