Bloom finance: Lender’s FAQ for Atlas Mara
A. How is customer data/records are updated in the credit reference bureau:
i. Credit Reference Bureau (CRB) regulations require that customer data is submitted to the bureau at least once a month.
ii. This data is submitted to all licensed bureaus by the 10th of every month.
iii. The bureau then has up to the 15th of every month to load to its live environment.
2. Daily updates :
i. Banks provide 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
ii. To fast track the update process, customers can ask the bank to send the update
iii. Updates received by CRB are updated by end of the day received. Any updates received after 3:30pm would be applied by 10am the following working day
i. Data submission at the bank level is usually handled by the Credit teams. However this varies from bank to bank.
ii. ***In certain instances we do receive payment updates within the month from the banks on client who have completed payments on their facilities. These are updated and confirmation sent to the email of client, on the update.
B. How customers can access their credit reports:
1. Customers can access their reports through CreditInfo’s website, www.creditinfo.co.ke.
2. Every individual is entitled to 1 free report every calendar year.
3. CreditInfo also offers monitoring for its consumers. This is a paid service (KES 600) , annual subscription.
This service alerts the consumer via email when new information is reported on their profile or their report is accessed.
This is to assist in managing fraud incidents and protecting the consumers bureau profile from erroneous information being reported.
C. How customers can correct/clean-up their credit history:
1. Customer can go to the bank and ask them to correct the disputed details then request for the update to be sent to the bureau immediately (as per A 2 above)
2. Customer can raise the dispute with CIK by visiting CreditInfo’s website, www.creditinfo.co.ke.
i. If the customer disputes any of the information on the report they raise the issue with CIK Consumer Care who follow up with the respective bank.
i. Customers’ credit report is updated with information sent through by the respective bank and sent to email address as provided during the credit report request process.
ii. If the respective bank does not respond within 14days on the dispute raised by the client. The bureau deletes the disputed information from the report and the updated report is sent to the customers’ email address as provided during the credit report request process
D. How can customers inquire or seek guidance with respect to interpretation of their credit report.
1. Customers can call our consumer care desk on 020 375 7272 between 7am and 3.30pm Monday to Friday and 0793 00 90 65 between 3.30pm and 7.00pm.
2. Customers can also reach CIK through firstname.lastname@example.org
E. What is customer credit score, customer rating or Creditinfo Predictor and how is it computed ?
1. Credit score, customer rating or Creditinfo Predictor provides a single assessment of the customers risk profile. It is presented by a number from 250 to 900 which is accompanied by a grade ranging from A to E. The higher the score lower the riskCredit score, customer rating or Creditinfo Predictor is computed based on past repayment behaviour e.g. have you missed a payment and for how long, level of indebtedness,
|Risk Grades||Credit Score||Description|
|A1||743 to 900||Very Low Risk|
|A2||731 to 742||Very Low Risk|
|A3||713 to 730||Very Low Risk|
|B1||701 to 712||Low Risk|
|B2||689 to 700||Low Risk|
|B3||677 to 688||Low Risk|
|C1||665 to 676||Average Risk|
|C2||653 to 664||Average Risk|
|C3||641 to 652||Average Risk|
|D1||620 to 640||High Risk|
|D2||604 to 619||High Risk|
|D3||574 to 603||High Risk|
|E1||530 to 573||Very High Risk|
|E2||251 to 529||Very High Risk|
|E3||250||Very High Risk|
|XX||MISSING||Excluded from Scoring|
2. Credit score, customer rating or Creditinfo Predictor is computed based on past repayment behaviour e.g. have you missed a payment and for how long, level of indebtedness
F. What can you do to improve your credit history
1. Check Your Credit Report and Fix errors – To improve you credit history start with correcting any errors on your credit report. If you haven’t already, request a free copy of your credit report and check it for errors.
2. Pay your bills on time – overdue payments, even if only a few days late can have a major negative impact on your credit history. If you have missed payments, get current and stay current: The longer you pay your bills on time after being late, the more your credit history should improve
3. Setup Payment Reminders – Making your credit payments on time is one of the biggest contributing factors to an improved credit profile
G. What is the Lenders Qualifying Criteria
1. Bloom finance uses various criteria to assess a borrower’s credit risk. These make up the Lenders qualifying criteria.
2. Inevitably those with non-performing credits, (any credit facility that has not had payments in 90days), shall be declined and not have access to credit
3. The lender also factors in other key indicators to determine the borrowers risk. This includes but not limited to
i. Frequency of missed payments with the 90-day period
ii. Number of days past due on payments
iii. Level of indebtedness