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Saccos access to bank records set to tighten noose on loan cheats
Metropol Credit Bureau MD Sam Omukoko. Saccos have until now been sharing names of loan defaulters with credit reference bureaus (CRBs), but have not had access to the records of bad borrowers since the law allowed only banks to view the information. FILE PHOTO | NATION MEDIA GROUP
The noose is set to tighten on bank loan defaulters with a proposed law that gives saccos direct access to credit repayment records of all borrowers having been tabled for debate in Parliament.
The Bill allows savings and credit cooperative societies (saccos) direct access to information about good and bad borrowers, effectively enabling them to weed out those who turn to them for loans after defaulting on their bank debts.
