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Loan defaulters to get notice before CRB listing
Loan defaulters will soon be entitled to a 30-day notice from lenders before their names are submitted to credit reference bureaus (CRBs). FILE PHOTO | NMG
Loan defaulters will soon be entitled to a 30-day notice from lenders before their names are submitted to credit reference bureaus (CRBs) for listing, in new Central Bank of Kenya (CBK) regulations intended to protect borrowers.
The CBK has published draft CRB regulations 2019 that prohibit banks, microfinance institutions as well as savings and credit co-operative societies (Saccos) from submitting the names of defaulters for listing without their knowledge.
