2022-11-10 | 841827192

Banking Circular No.3 of 2022 - Credit Reports Issued by Credit Reference Bureaus

The Central Bank of Kenya has issued a directive to Credit Reference Bureaus (CRBs) to address public concerns regarding the usage of credit reports by lenders. The directive emphasizes that a customer's credit score should not be the sole reason for denying a loan and requires CRBs to prominently display this statement at the top of all credit reports. Additionally, CRBs are instructed to improve the quality of credit reports and update borrowers' data promptly in collaboration with banks and lenders.

Kenya

Central Bank of Kenya

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