Getting blacklisted by CRB is a borrower’s worst nightmare as it usually dents any future prospects of loan advancements.
Likewise, prolonged stay at the CRB register further taints one’s credit history and ultimately results to a decline in the credit score.
Therefore, it is usually advisable to clear any outstanding loans as soon as possible so as to preserve one’s credit score.
Click this link to check if you are blacklisted by CRB. If you are unfortunate enough to have landed at the CRB, don’t worry.
Follow the below steps to get cleared from CRB.
1. Identify which lender(s) blacklisted you
2. Check the total outstanding amounts ( Ensure that the owed amounts tally with your own calculations factoring in any penalties accrued or any partial payments done )
3. Clear the overdue balances ( Ensure that the payment reflects in the loan app since most loan apps display the outstanding balances )
4. Contact the lender, inform them on the settled payments and request them to confirm that the payment reflects in their systems.
Depending on the lender, some usually have a time period with which they can update one’s CRB records. Sometimes this can be weekly or more.
If you need this done urgently, then you can go ahead to
5. Request for a batch number- this is the number that shows proof of clearing any outstanding loan.
6. Submit this batch number to CRB to have your records updated.
NOTE: Although you may have been cleared from CRB, the history of your financial records will still be available for the next 5 years.
This in turn does not mean that you will be denied future loans for the entire period. No!
The records will act as a lending decision basis for future lenders on how to gauge your credit worthiness.
In case your credit score was affected, do not worry, use this tips to improve your credit score.