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In the Kenyan business landscape, your reputation is your currency. However, many entrepreneurs ignore their credit status until they are rejected for a crucial loan. Based on insights from Business Matters, understanding the Credit Reference Bureau (CRB) is key to financial stability.
Why Your Score Matters
A good credit score does more than just get you approved; it improves your loan terms. Lenders use this score to decide your interest rate and repayment period. A poor score often means immediate rejection or predatory interest rates.
How to Check Your Status
You don't need to visit a bank to know where you stand. You can access your report instantly using your phone:
TransUnion or Metropol CRB: Dial USSD *433# or *848#.
Cost: The service typically costs between KSh 50–100.
The Path to "Clearance"
If you find yourself listed as a defaulter, do not panic, but do act fast.
Clear the Default: Pay the outstanding amount.
Get Certified: Once paid, request a Clearance Certificate.
Monitor: "Build Financial Stability" by monitoring your score regularly. As noted in our latest issue, saving regularly and investing in income-generating activities will help improve your future score.
Conclusion
Don't let a forgotten mobile loan from three years ago ruin your business prospects today. Check your score, clear your name, and unlock better capital for your business.