Credit score shouldn’t be the sole reason to deny a loan, CBK
The Central Bank of Kenya has directed lenders not to use a customer’s credit score as the sole reason to deny a customer a loan.
In a press statement on November 11, CBK says despite the recent improvements in the Credit Information Sharing (CIS) framework, concerns persist especially on the use of adverse credit reports issued by Credit Reference Bureaus (CRBs).
“Accordingly, CBK has mandated all CRBs to include a standard statement at the top of every credit report indicating that a customer’s credit score should not be used as the reason by a lender to deny a customer a loan,” read the statement in part.
The statement further indicates that CBK is working closely with banks in the ongoing implementation of risk based credit pricing. The policy will require banks to consider the credit score of a borrower in addition to other factors in making a lending decision.
“This approach would allow borrowers and especially macro, small, and medium-sized enterprises (MSMEs) to access appropriately priced credit.”
According to the Credit Information Sharing (CIS) Association of Kenya, only 4 million Kenyans on the CRB have been labelled negatively as “blacklisted.” There are 16 million Kenyans on the CRB list.
President William Ruto declared in September that at least four million Kenyans would be removed from the Credit Reference Bureau’s database.
The President has urged the Central Bank of Kenya (CBK) to discontinue the blacklisting of debtors in favour of a scoring system in which defaulters receive a low grade rather than being barred from the financial system.
“I am very happy that between four to five million Kenyans will be out of the CRB blacklist by the beginning of November,” he said.
“This is very important, 4 million Kenyans have been excluded from any formal borrowing because of blacklisting. They have been left at the mercy of shylocks.”
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