Are you on CRB? This question has been on the lips of many Kenyans in recent years.
Being listed on Credit Reference Bureau (CRB) is akin to a prison sentence.
Primarily, anyone listed on CRB finds it next to impossible to access financial loans, which can be such a hindrance during emergencies.
A CRB listing is proof of failure to repay a loan taken from either a bank or a mobile lender.
The situation is different with Savings and Credit Cooperative Organizations (SACCOs), as they must seek approval from the Central Bank before sharing such data.
So, how long does it take to be listed on CRB?
How Long do Banks Take to List Clients on CRB?
Typically, banks take 90 days to list defaulters on CRB.
This doesn’t happen automatically or without your knowledge, though.
Often, you get a notification informing you that you are on the verge of a negative listing on CRB if you fail to clear your debt.
The notification arrives a few days to the expiry of the 90-day period.
The good news is the negative listing will not happen if you pay the debt fully or even partially.
How Long do Mobile Lenders Take to List Clients on CRB?
Mobile lenders tend to be stricter with CRB listings.
In 30 days, you will find your name negatively listed on CRB unless you repay the loan either partially or fully.
The period is shorter for mobile lenders because they offer much smaller loans.
Banks, though, allow their clients more time to repay loans that typically run into hundreds of thousands or millions.
One needs more time to clear a huge loan.
Can Your Name be Removed from CRB?
Yes, your name will not be permanently on CRB unless you fail to repay the debt or loan.
You can have it removed once you repay the debt and obtain a CRB Clearance Certificate.
It only takes 1-3 days to get the certificate after repaying the debt and applying for this piece of document.
Once you repay the debt and obtain the certificate, you automatically transition from a negative to a positive listing.