Depending on the institution policies update on a loan can be done 24 hours, 48hours, end of every week, or monthly.
Banks provide an updated position to customer data as and when there is a change. These updates are typically sent to CRB 2-3 days after a customer has made a payment.
To fast track the update process, customers can ask the bank to send the update.
Updates received by CRB are updated by end of the day received. Any updates received after 3:30 pm would be applied by 10.00 am the following working day.
Credit Reference Bureau (CRB) regulations require that customer data is submitted to the bureau at least once a month.
This data is submitted to all licensed bureaus by the 10th of every month.
The bureau then has up to the 15th of every month to load to its live environment.
Categories: Loan Apps