Madison Sacco registers with CRB

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By Staff Reporter

Madison Co-operative Sacco has registered with Credit Reference Bureau.
Thus, members who have not paid their loans for the past 90 days will be listed as provided in the Finance Act 2016.
Through a notice in one of the local dailies dated February 16, the society requests those with non-performing loans to clear all arrears or visit the sacco’s office within the next 30 days to agree on how the loan will be repaid.
“Members with non-performing loans are hereby notified to clear their dues or visit the sacco offices within 30 days to agree on an acceptable repayment loan. Failure to comply will lead to being backlisted,” part of the notice read.
As per the credit reference guidelines, even after clearing the outstanding amount, the defaulter remains on CRB list for the next fives thus affecting his or her access to credit from other institutions in future.
All banks have incorporated checks with the bureaus as part of appraising a customer before offering them a loan.

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