Ensure Your CBR Accuracy With These 3 Steps.
March is national credit education month which provides an opportunity to review your credit worthiness. Good credit is empowering as it opens up avenues such as loans, which you can use to start businesses guarantee funding for other opportunities.
Lenders determine credit worthiness by reviewing data from credit bureaus. In Kenya, there are three CBRs namely Metropol, Transunion and Creditinfo. It is therefore important to review your credit report for accuracy. Your CBR record is important because it not only affects your access to loans, but it can affect your ability to get a job or even obtain a government tender. Here are three things you need to know to ensure CBR accuracy.
You are entitled to a free credit report once a year.
According to creditinfo every Kenyan citizen is entitled to a free credit report once every 12 months. Any additional requests within the 12 months are issued at a fee. Your credit report will display information such as open accounts, HELB records, negative reports, name changes or new inquiries. It also shows your credit score, an indicator of your ability to pay debt. Being aware of the information on your credit report ensures that you are prepared at all times.
Clearance Certificate vs Credit Status Certificate.
Any citizen with a positive credit listing will be issued a clearance certificate. A negative listing will earn you a credit status certificate. It costs 2200 Ksh to obtain a clearance certificate. Clearance certificates can be ordered through Metropol, Transunion or Creditinfo.
You have the right to dispute erroneous credit information.
Erroneous credit information can be disputed through Metropol, Transunion or Creditinfo. The agencies have 14 days to resolve the disputes. Only dispute incorrect information otherwise, a processing fee will apply. Identity theft is rampant in this day in age and for this reason, always check your credit to ensure accuracy and prevent any potential inconveniences.