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Last week I was having a conversation with Dan(not his real name) regarding the Credit reference(CRB) status. He had taken a loan five years ago which he did not manage to clear for one reason or the other. The Bank had eventually written off the loan balance and the CRB report actually reflected that. Dan could not understand the reason why if the debt was ‘forgiven’ why is he listed negatively?

I clarified the following to Dan:

1. When a loan is written off, it does not mean the same is forgotten hence financial institution debt recovery units still follows up on the repayment.
2. A written off loan is regarded as a character issue which means one cannot be trusted with loans due to the likelihood of defaulting.
3. The written off loan makes the credit score so low and most financial institutions shy away from granting a loan.
4. One is regarded as a risky customer.

After the explanation he asked me ‘’now that I am earning some revenue what can I do to improve on my credit score?’’

I explained to Dan the various options that were available to him to improve on the credit score and I’m happy to note that he has embarked on one of the options which I believe in the next three months his credit scoring would have improved a lot.

Are you looking for a loan but struggling with negative listing and you would like to change the narrative? DM

Last month I interacted with John (not his real name) who had lost his business due to lack of proper controls. He had accumulated a lot of loses due to employee theft and had outstanding loans with the banks.

Having learnt from his mistakes, he decided to pursue this great project that needed financing. I requested him whether he can consider generating a credit reference report so that we can check the position of his debts. He was very adamant and told me he knows that he is listed and there was no use whatsoever of generating the report. “Everyone is listed’’ I told him “however it depends on what level of listing”.

After educating him about the following 3 levels of listing, he agreed to have the CRB report generated.

1. Performing
2. Performing with default history
3. Non-performing

His facilities were actually listed under performing with default history category meaning he was making some effort to pay. At Dream Credit Limited we were able to help John navigate through the CRB situation and now he is able to borrow and pursue his dreams.

Are you negatively listed and you would like to change the narrative and access loans to fund your dreams? If yes DM.

#Grow your passive income, grow your wealth.