CreditInfo, a Credit Reference Bureau (CRB) licensed by the Central Bank of Kenya (CBK) in 2015, has launched its risk management products and services into the market.
The CRB, which works to share effective credit information, has accumulated credit data from a wide range of credit providers to enable it issue credit reports and generate scores on consumers.
The firm's chief executive officer Daniel Kanyi said that all consumers are entitled to one free credit report every year, adding that the report would enable clients to track their credit profiles while ensuring that the information contained in the profiles is factual and accurate.
In the event that the report is disagreeable, they are encouraged to register a dispute with CreditInfo CRB for resolution with the concerned credit provider within 21 days.
“If full resolution is not reached within this time, the dispute is referred to the Alternative Dispute Resolution Centre set up by the Credit Information Sharing Association of Kenya (CIS-Kenya) at the Kenya School of Monetary Studies,” said Mr Kanyi.
He noted that CBK has played a ‘significant’ role, over the years, in the development of a credit information-sharing infrastructure in the country.
CBK has supported institutions such as CIS-Kenya in its role promoting information sharing among credit providers and in stabilising and expanding credit in the country through this mechanism, he said.
“It is gratifying to note that through the efforts of CIS-Kenya and others, the country was placed third in Africa and 28th globally on the “Ease of Getting Credit Indicator” in the World Bank’s Doing Business Report, 2015,” he said.