The approach to improving services for financial institutions in Kenya was through an analytic scoring model. Scoring enables credit lenders and financial institutions in emerging markets to make decisions. Decisions based upon tested and proven predictive criteria such as willingness to repay and other repayment behaviour.
Through predictive scoring, the loan process is streamlined and loan risk of lending can be effectively managed. This scoring is done through an agency called the Credit Reference Bureau, set up by the Central bank of Kenya. They have helped create a positive impact in Kenya.
CRBs also help to provide a true objective view of the borrower and eliminate the subjective or discriminatory prolonged loan processes. This means that if you have a loan from a bank or private lender, you have a credit history. The credit history is collated by the CRBs and displayed in one place called the credit report.
About Credit Reference Bureau in Kenya
A credit reference bureau is a company licenced by the central bank of Kenya to gather data from credit agencies and collate the data into a credit report. The aim of this institution is to enable financial institutions and other credit providers to overcome the challenge of Non-performing loans (NPLs). They also help to reduce the loan default risk.
With this information, a CRB can draw out the repayment patterns of each borrower. Lenders will get your credit report and use this repayment information to determine if they will issue you with a loan.
In Kenya, we have three CRBs; all licensed for operation and regulated by the Central Bank of Kenya:
What is a Credit Reference Bureau (CRB) Kenya
A Credit Reference Bureau (CRB) is an agency put in place to monitor the attitudes of borrowers towards repaying their loans. They store and show information on individuals and companies from different sources. Also providing the information transformed as a credit report upon request by a lender. Borrowers can access this information by obtaining a credit certificate.
Credit Reference Bureau in Kenya
In Kenya there are three CRBs operating and functioning properly and they are all regulated by the Central Bank of Kenya. They receive data and other necessary information from different financial institutions in Kenya. The CRB transforms the data gotten into a credit history on individuals, then distributes to credit lending institutions and individuals.
The three CRBs in Kenya are:
- Metropol Credit Reference Bureau
- TransUnion Credit Reference Bureau Kenya
- Credit info CRB Kenya
Metropol Credit Reference Bureau Limited Kenya
You can access CRB services from Metropol through:
- Metropol website
- Metropol crystobol app or
- By dialling*433#.
- You will pay ksh. 50 as registration fees through the paybill number 220388.
- Input your national ID number as the account number.
- An SMS with your unique PIN details, reference Number and a special Link will be sent to you.
- After registration, dial *433# and login using details provided.
CRB Metropol charges
For Metropol CRB Credit Score, you will pay ksh. 150 to get your credit score per year. They award marks between 200-900. Any marks below 400 means your rating is low but rating near 800-900 means you have a high rating.
You get your credit report, you will pay ksh. 250 to get detailed information on credit agencies that have listed you.
TransUnion Credit Reference Bureau (CRB) Kenya
- Send your full names to 21272
- Input your national ID number
- Select “Credit Status”
- Receive your CRB status on your mobile.
Note: for TransUnion CRB Credit report in Kenya payment of ksh. 650 is required. Then for CRB Clearance certificate on this platform will cost you ksh. 2200
Credit Info (CRB) Kenya
On Credit Info CRB Kenya simply visits creditinfo.co.ke to register. You can still register with this CRB platform to get your credit information yearly. Your credit report will be sent to your email address.
Accessing your Credit Report
The law entitles each borrower to access a free copy of their report once a year. To go for an additional report within the same year, you will purchase it from the CRB. They urge borrowers to often check the status of their credit report to be sure that the information in the report is correct and up to date.
To access your credit report, visit any of the CRBs in Kenya to get your report.
- Contact or visit any of the CRBs, as explained in this article. Their addresses is also included in this article
- You can as well register on mobile/online platforms to access the report.
Various sources CRBs Kenya receive Data
They receive credit data and other raw facts needed to show individuals’ credit report from various sources such as:
- Microfinance Banks
- Private lenders and Fin techs.
What Credit lenders use CRBs reports for?
Credit lenders use CRBs information to assess the risk of their borrowers and determine the amount to give out. They also decide whether individuals should have a loan extended to them relating to the past excellent records of the individual.
Credit Reference Bureau in Kenya and Credit history
What is meant by credit history is a past report prepared by the CRBs using the data collected from credit agencies. Credit history is basically a record of a borrower’s ability to repay back his/her loans on time. Details in the credit history include:
- The number of credit accounts and loans. This includes loan agencies the individual borrowed from and the total loans owed
- How long each account has been open. The period of its duration since its inception
- Loan principal amount given to the borrower
- Balance owed by the borrower
- Loan repayment and consistency
- Current valid credit inquiries
Credit Reference Bureaus Contacts
Contact the three licensed credit reference bureaus to obtain a copy of your credit report.
Metropol Credit Reference Bureau Limited Kenya
- Physical Address: 1st Floor, Shelter Afrique Centre, Upper Hill, Nairobi
- Postal Address: P.O. Box 35331, 00200 NAIROBI, KENYA
- Telephone: +254 (0) 20 2689881/27113575
- Mobile: +254 727 413 733/ 732 774 666
- Email: email@example.com
- Website: www.metropolcorporation.com
TransUnion CRB Africa Limited
- Physical Address: CRB Centre, Prosperity House, Westlands Road, Off Museum Hill
- Postal Address: P.O. Box 46406, 00100 NAIROBI, KENYA
- Telephone: +254 (0) 20 3751799/3751360/2/4/5
- Email: firstname.lastname@example.org
- Email 2: email@example.com
- Website: www.crbafrica.com
Credit Info Credit Reference Bureau Limited
- Physical Address: Park Suites, Office 12, 2nd Floor, Parklands Road, Nairobi
- Postal Address: P.O. Box 38941–00623, Parklands
- Tel 1: +254 20 375 7272, 020 374 0272, 020 376 7272
- Mobile: 0718842833
- Email 1: firstname.lastname@example.org
- Email 2: email@example.com
- Website: www.creditinfo.co.ke
Credit References Bureaus are information givers, rendering creditors with reliable and important information on credit records. Comprehensive data on the repayment habits and current debt is collated to form a credit report. They are companies that collect information from various sources and provide borrowers with loan for a variety of uses.