For most people after settling a loan they had with an institution, they are not aware you have to follow up for your account update. It is even more crucial if the payment was made late after defaulting. To be on the safer side make sure your account is updated with Credit Reference Bureau (CRB) after settling the defaulted loan. Your loan will always be listed as default if you fail to pay 90 days from the due date.
Who Requires account Update
Account update is a requirement for anybody who has made a loan repayment with any banking or non banking institution. Basically after you have repaid the loan you took from an institution, the institution should update their records to reflect the up to date status of your account. Any institution that has registered with Credit reference Bureau (CRB), submits credit information of their clients to CRB. This institution can either be banking institutions or non banking institutions like majority of Mobile Apps offering loans yet they are not under any bank.
How To Update Your CRB Records
Now that you have settled your loan, it is recommended you follow up with your CRB records. Long after you settled your loan, don’t be shocked to find out that you are still blacklisted by CRB and the loan is indicated as unpaid. This situation means you cannot acquire any loan from any other institution. You will not also be able to acquire important documents like CRB Certificate of Clearance since you are listed as a defaulter. So, How do you go about these?
First, after settling your loan that you had defaulted, request for a batch number from the money lender, the batch number will be key to getting your CRB report updated and your default status cleared by CRB bodies. The batch number acts as a proof that the money lender who had send your records for listing with CRB has received the payment. How long it will take you get the batch number from the institution varies from one institution to another. Some will issue you with a batch number the same after you have cleared your loan, yet some might take upto a week to issue you with one.
Batch number is crucial since you will need one to clear with CRB. For most institution two batch numbers are issued, one for TransUnion and one for Metropol. In case your money lender issues you with only one batch number, always insist to get the other one.
Once you have been issued with the batch number, the easiest way to get your CRB account updated and cleared is to get in touch with a CRB agent for account update and clearance. Throughout my search and experience i have got one reliable agent who has always helped me and it does not matter where you are. By calling the agency and submitting your batch number, your CRB account will be updated in a record time. In case you are in need i can recommend you to one reliable agent here.
Once your records have been updated by the agent, you can transact with any other institution without any hindrance. You also qualify to apply for a clearance certificate if you need one. The agents can help you get one as well.