A well-meaning Kenyan has taken a petition to parliament, asking it to disband credit reference bureaus. He complains that they have listed more than 700,000 individuals in their database as defaulters..causing a lot of anguish to the listed individuals as they are unable to access financial facilities from local banks
Credit reference petition to parliament
Credit reference bureaus have been operating in Kenya for about five now, and this petition comes at a time when many banks have heavily increased their provisions for bad debts in the year 2015.
Good borrowers are yet to enjoy lower credit cost based on their positive CRB report. It is on this note that the role of CRBs ought to be revisited and banks compelled to afford ”discounts” to good borrowers !
At one #Mindspeak event, KCB CEO Oigara said that it is happening – that good borrowers are getting better rates. But I’m yet to see that
my main issue with them is why are banks listing those with overdrawn accounts? they are not defaulters, why also are they not notifying their clients of the intent to list them as they are required to do.This thing sooner or later will come down on the banks themselves.
True. Especially if the account is only overdrawn by bank charges, upon more bank charges generated by the bank’s computer. It happened to me at CBA