Banks on the spot over erroneous CRB listings

Last year, the country witnessed a high record of defaults by borrowers on the back of a battered economy. [Courtesy]

Banks and other lending institutions have been accused of laxity in updating borrowers’ credit records with Credit Reference Bureaus (CRBs), leading to erroneous blacklisting.

According to Credit Information Sharing Association of Kenya (CIS Kenya) Chief Executive Jared Getenga, most of the data submitted to the country’s three licensed CRBs is inaccurate because of some lenders’ preference to send information only to bureaus they are acquainted with.