What is a Credit Report?
The Credit Bureau keeps files on consumers which includes personal details and credit history such as: - Name, date of birth, address, Identification details, spouse’s name, employment and employer details. - The names of the lenders, dates of application for credit, amounts and type of credits. - Debts owing to lenders. - Legal actions - Public Notices
Where did the Credit Bureau get its information from and who gave them the right to use it?
Whenever you go to a lender for credit or finance and fill out their application form, you will come across a clause that requests you to authorize the lender to use your personal information to retrieve your credit report.
How long does information stay on the Credit Bureau?
Information stays on the Credit Bureau for a duration of seven years. The Credit Bureau does not delete any information unless it is inaccurate. If a payment is made towards a debt that is on your file, it will be amended to carry the balance or zero.
Who makes the decision on my application for a loan or credit?
The Lenders. But the information we provide to the Lenders will assist them in making that decision.
What if my application is declined?
There are a number of reasons why a Lender might refuse an application. The first step is to check your credit report to identify any problems which might include: - An overdue account or default - Incorrect information on your credit report (that means the information does not belong to you).
Can I get a copy of My Credit Report?
You can get a copy of your Credit Report from our office at a fee of K20.00. The Credit Bureau has a responsibility to keep your credit report confidential, therefore we cannot release details of your credit report including its contents over the phone. You must complete an application form in order for us to process it. Download and print the application form here.
What if there is a mistake or a need to update a default on my report?
You will need to get in touch with that Lender to update or amend your credit report with the evidence/receipt of that default so that they can update your report. You could also get in touch with the Credit Bureau.
How can I maintain my Credit Worthiness?
- Pay your bills on time - Call your lender if you can’t meet your monthly repayments - Make financial arrangements if you are going through a difficult period or going abroad.