Financial institutions and certain bodies identified in regulation 23 of the Credit Reference Bureau Regulations 2013 are required to share both positive and negativeinformati on about customers. Positive information is any information on performing loan or other credit. Negative information on the other hand is any adverse customer information which includes non-performing loans.
Sharing of information has led to suits against the information sharing institutions with damages awarded up to Kshs 1 million. In other instances, the suits have been dismissed for technical reasons. To avoid being on the wrong end of a judgment, here are a few things to bear in mind as a customer or information sharing institution.
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Disclosing Negative Credit Information And Its Pitfalls
Financial institutions and certain bodies identified in regulation 23 of the Credit Reference Bureau Regulations 2013 are required to share both positive and negativeinformati on about customers. Positive information is any information on performing loan or other credit. Negative information on the other hand is any adverse customer information which includes non-performing loans.
