Credit Bureau-Quiz

If I don’t have a bank account, can I still get a loan?

No you can notYes you canYES YOU CAN: Banking information is far from being the only source of information about your payment behavior. Entities such as telecommunication, insurance, microloan providers, mobile laons, utility companies, and much more institutions help in building your credit profile. In Kenya a psychometric score is available, enabling to make a credit decision based on one's personality. Creditinfo psychometric score facilitate access to finance

A clearance certificate from a CRB clears people from their debts.

FalseTrueFALSE: A clearance certificate doesn’t clear people from their debts. A clearance certificate is just a confirmation of the current credit status and does not clear you from your current or historical debts. The payment for the clearance certificate will not hide or amend your credit history. The financial institutions will see the history of your payments and make their loan decision based on your credit history.

A credit report gives me detailed information on my credit status.

TrueFalseTRUE: A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts.

No one can access my credit information but me.

FalseTrueFALSE: Your credit information can be accessed by any creditor with your consent. No one can access your credit information without your consent though.

Does a Credit Bureau decide whether I get a loan or not?

TrueFalseFALSE: A credit bureau only provides information to a lender. This information represents only a part of the whole decision process.

Does a credit bureau have positive information on individuals?

TrueFalseTRUE: Yes, it does. A common myth is that a credit bureau is only a negative information bureau, which is not entirely true.

You can not influence a credit score – it’s given.

FalseTrueFALSE: The credit score is directly linked with your financial behavior and it changes according to changes that occur in your credit history. The changes can be positive or negative and this is reflected in your credit score instantly.

If I get a loan it decreases my credit score.

TrueFalseFALSE: Having a loan does not decrease your credit score. Your credit score is influenced by how well you are able to repay your credit/loan

A credit reference bureau (CRB) is a financial institution that issues loans to its clients.

TrueFalseFALSE: A credit bureau doesn’t give out loans. A CRB is a financial institution that collects credit data and shares credit information provided by financial institutions and other sources. Such information helps commercial banks, saving and credit co-operative societies (Saccos) and other microfinance institutions to assess borrowers’ ability to pay back a loan.

The more often I check my credit score the lower the score will be.

FalseTrueFALSE: The number of times you check your own credit score does not have any influence on it.