Credit bureaus to list sacco loan defaulters as new law takes effect

Defaulting on a sacco loan will beginning early this week land you in trouble as the co-operatives are included in the credit sharing system following change in the law.

Saccos have until now been sharing names of own loan defaulters with credit reference bureaus (CRBs), but they have not had access to the records of bad borrowers since the law allowed only banks to view the information. Kenya has three CRBs. They are Creditinfo CRB, Metropol CRB and Transunion CRB.