With the upsurge of mobile loans, conventional credit facilities like banks have become overshadows due to the former’s ease of credit application and subsequent disbursement.
Such is a double-edged sword whereby borrowers are granted effortless access to swift micro-loans through the comfort of their handsets but at the expense of high interest rates coupled with inadequate repayment duration resulting in loan defaulters whose final destination is usually at the CRB.
So in-order to be in good books with the blacklisting institution, it is highly advisable to periodically check on your credit-worthiness so as to adopt/maintain a positive credit rating.
Below, we look at one of the apps that you can use to know your loan status.
1. Download and install the app available at the Playstore
2. Complete the registration process by filling in your phone number, email address, national ID and PIN. Once concluded, opening the app will land you on the app’s home screen whereby you can view your:
3. CREDIT SCORE ( free ) – This option has a total score of 900 denoting various statuses ranging from DEFAULT, POOR, FAIR, SATISFACTORY, GOOD and EXCELLENT
To access the other services, one requires to make individual payments per service bringing the total amount to KES 2750 either via Mpesa, Airtel Money, Equitel or Bonga points.
( Notifications of each service are accessible via the BELL icon located at the top right of the app )
4. LISTING STATUS ( KES 50 ) – This option categorizes your list status in terms of SILVER, BRONZE, GOLD or PLATINUM depending on your credit score.
5. WHO LISTED ME ( KES 100 ) – This option shows you the loan institutions that you have taken loans from and how they have listed you as either POSITIVELY or NEGATIVELY.
6. CREDIT SCORE ( KES 150 ) – This option shows you your credit score.
7. CREDIT REPORT ( KES 250 ) – This option shows you a much detailed report regarding your information in terms of: – Metro-score: ranges from 200 to 900 with higher scores indicating good credit quality meaning you can have favorable terms from lenders. – PPI: indicates the average delays beyond terms in meeting payment obligations and is often used to determine terms. – Number of reporting institutions. – Credit performance i.e. Non Performing Accounts and Performing Accounts with/without default history – Credit events i.e. Applications, Inquiries, Guarantors and Bounced Cheques
8. CLEARANCE CERTIFICATE ( KES 2200 ) – This option will provide you with a Certificate of Clearance that can be used as proof that you have met all the lenders’ obligations in terms of repayment.