Financial sector stakeholders have backed the proposed creation of
centralised hub for exchange of positive and negative credit
information. PHOTO | FILE
Financial sector stakeholders have backed the proposed creation
of a centralised hub for exchange of positive and negative credit
information.
Players who discussed the findings of a
feasibility study on simplified data submission point (data hub),
commissioned by Credit Information Sharing Association of Kenya (CIS
Kenya) and Financial Sector Deepening Trust Kenya (FSD Kenya), said the
move would enhance quality of credit information shared and ease the
process of submission further solidifying the growth of the credit
reporting industry in Kenya.
"We are certain that the
data hub if implemented will go a long way in value addition to the
consumer, the lender and Credit Reference Bureau's," said CIS Kenya CEO
Jared Getenga.
The data hub concept has earned the
backing of the Central bank of Kenya, (CBK) with the regulator noting
that it will help it in its oversight and regulatory aspects.
TEDIOUS
Banks
are also vouching for the data hub as they say it will ease submission
of data significantly compared to the current model where financial
institutions submit credit data to multiple licensed Credit Reference
Bureaus which tends to be tedious.
It is expected that
the data hub proposal will reduce errors or omissions in credit
reporting, giving a consumer uniform electronic data portfolio.
As
per the new proposed model, should a complaint get lodged or resolved,
updating such data is deemed easy, automatic and uniformly available for
all players.
Kenya has three Credit Reference Bureaus. They are Creditinfo CRB, Metropol CRB and Transunion CRB.
No comments :
Post a Comment