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How to be cleared by Credit Reference Bureau In Kenya ( Getting your certificate of clearance)

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As a young entrepreneur, having your name listed in the Credit Reference Bureau as a defaulter is a serious offense to your financial life.
In Kenya if you default in paying loans from  institutions such as Safaricom’s  M-pesa, HELB loan , Banks and financial Saccos you might find you name being blacklisted and having your credit score lowered to the lowest possible score.

Consequences of being blacklisted by CRB or having a poor credit score

  •  Individuals listed by the CRB risk being unemployed. This is because some institutions and companies refrain from employing individuals who are loan defaulters
  • Financing becomes a problem. No bank will accept to give you a loan since they will be risking their money.The banks will have a notion that you won’t pay back the loan
  • Insurance companies will charge you higher as compared to an individual with a good credit score

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    How to get a Certificate Of Clearance From CRB

    1. In order to get you COC you will be required to pay ksh 2,200 at any of the licensed bureau
    2.  Having you national id is also mandatory

    To get your COC you should go to any of the following Bureaus licensed by the Central Bank Of Kenya

    • Credit Reference Bureau Of Africa located in prosperity house West lands
    • Metropol Credit Reference Bureau Limited located in Shelter Afrique Upper Hill
    • Calling the CRB offices can also be of help if you don’t know the above bureaus. Their phone number is as follows 0730 651 000

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    If you haven’t cleared you loan you will be required to go back and clear it with the institution that gave you the loan. After clearing with them they will update their data base and after 48 hours  you name will be removed from the blacklist and your COC will be issued

    Reasons Why You Will Need A Certificate Of Clearance From CRB
    In some companies it is mandatory to produce your certificate of clearance before you are given employment thus this document is crucial.
    In order to get a loan if you had previously been blacklisted the bank will require you to produce you COC so that they can consider you for the loan.

    READ ALSO: HELB Loan Penalties: How failure to repay your helb loan can Ruin you financial life.

     What do you think about these ideas?  Share your thoughts and comments below! You can also share this post.

     Article Author:  BRIAN( Financial consultant and contributor of Hustle Yetu)
    This article should not be reproduced without permission from the author