new
report from consultancy, financial sector deepening, shows that more
than 213,000 Kenyans as loan defaulters with the credit bureaus.Share this StoryShare
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Kenyan banks blacklist 213,000 as the sharing of data makes it mark on lending
The relatively large number, collected in a period of less than two years, has brought forward the use of customer profiles generated based on their credit history to pre-qualify borrowers.
Metropol Credit Bureau Director Sam Omukoko spoke to Business Daily about the role credit bureaus play in the loans market.
What credit reporting agencies (CRBS) do?
CRBS are organizations that help lenders to make decisions about potential borrowers by making the collection of the creditworthiness of the history and in an organized form.
Most Kenyans are multi-earn Sacco have memberships and each of these institutions have their credit history. So a credit ratings agency puts it in a profile.
This information is crucial to a lender who wants to prove that you can afford.
If the lender sees from history that you honor your commitments, he can even lend without collateral, as opposed to a defaulter to whom they should be stricter.
The Central Bank of Kenya has licensed agencies in the country - Metropol, and CRB Africa.
What are the most common reasons why people are classified according to the agencies?
The most common reason of default loans, which by law is three months behind.
Others are those who have issued bad checks, suspicions of fraud (as long as the proper studies are done) and if you are taken to collection agencies or to court.
Why banks share only negative credit information is one of the great benefits to be derived from lower credit interest rates on loans to good borrowers?
In the 1990s, banks had exposed himself to political loans they weighed down and when some collapsed, they realized that the banks had lent to the same group of people.
So the thinking was that if the banks could know who these bad borrowers were they could kick them out of the system. This was the background when the law on the sharing of information is written.
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Metropol Credit Bureau Director Sam Omukoko spoke to Business Daily about the role credit bureaus play in the loans market.
What credit reporting agencies (CRBS) do?
CRBS are organizations that help lenders to make decisions about potential borrowers by making the collection of the creditworthiness of the history and in an organized form.
Most Kenyans are multi-earn Sacco have memberships and each of these institutions have their credit history. So a credit ratings agency puts it in a profile.
This information is crucial to a lender who wants to prove that you can afford.
If the lender sees from history that you honor your commitments, he can even lend without collateral, as opposed to a defaulter to whom they should be stricter.
The Central Bank of Kenya has licensed agencies in the country - Metropol, and CRB Africa.
What are the most common reasons why people are classified according to the agencies?
The most common reason of default loans, which by law is three months behind.
Others are those who have issued bad checks, suspicions of fraud (as long as the proper studies are done) and if you are taken to collection agencies or to court.
Why banks share only negative credit information is one of the great benefits to be derived from lower credit interest rates on loans to good borrowers?
In the 1990s, banks had exposed himself to political loans they weighed down and when some collapsed, they realized that the banks had lent to the same group of people.
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