FAQs

In these FAQs (Frequently Asked Questions), unless the context requires otherwise: – “Bank” means the Bank of Tanzania (BoT); Also other meaning defined herein as in accordance with the bank of Tanzania (Credit Reference Bureau) regulations 2012 and the credit reference databank regulations, 2012 unless stated otherwise;

What is a Credit Reference Bureau?

A credit reference bureau means an entity specialized in the collection and sale of credit performance information for individuals and companies.

Who is a Credit Data Provider?

A data provider means a person, business or government agency providing credit information to a credit reference bureau.

Who is a Credit Data Subject?

Data subject is an individual or a business entity whose data could be collected, processed and disclosed to third parties in the credit information sharing system;

What is a Credit Reference Databank?

A Credit Reference Databank is a computerized mechanism created by the Bank to receive and supply credit information to banks, financial institutions, credit reference bureaux and other institutions authorized by the Bank, regarding the credit transaction of customers, including off balance sheet operations;

What are the functions of the Credit Reference Databank?

  • Receive credit information from reporting institutions;
  • Disseminate received credit information to credit reference bureaux; and
  • Store and process credit information for use by the Bank in the discharge of its supervisory functions.

What information are stored in the Credit Reference Databank?

Monthly basis credit information on all existing and new credit facilities granted to a person(borrower) by the banks, financial institutions and other institutions authorized by the Bank(BoT)

What information is prohibited as credit information to be stored, shared or processed in the Credit Reference Databank?

  • positive balances on cheque, savings and time-deposit accounts;
  • a person’s political affiliation;
  • a person’s medical status or history;
  • a person’s religion or philosophical beliefs;
  • a person’s sexual orientation, except to the extent that such  information is self-evident from the record of the natural person’s marital status and list of family members; and a person’s membership of a trade union, except to the extent that such information is self-evident from the record of the natural person’s employment information.

For what purpose do Credit Reference Bureau use the information received from the Credit Reference Databank?

  • Sale of credit information in the form of credit reports to data subject, data providers and other entities within the United Republic of Tanzania
  • Retention period purpose; Credit Reference Bureau retain credit information maintained in its database until expiry of 6 years from the date of final loan repayment, bankruptcy, assignment or written-off
  • Public awareness purpose; in conjunction with all data providers a Credit Reference Bureau maintain a program of public awareness relating to rights and protection of the data subject

Does Credit Reference Bureau have other source of information apart from the Credit Reference Databank?

Yes, Creditinfo do collect information direct from borrower, data providers (such as insurance companies, Utility companies, Government agencies, ministries and authority) and other entities engaged on regular basis in the extension of credit to borrowers, guarantors or any other parties to a credit.

What is a Credit Report?

A Credit Report means information issued by credit reference bureau containing all or part of data subjects’ credit history.

What are the types of credit report offered by Creditinfo?

  • Consumer Credit Reports
  • Business Credit Reports
  • Credit Scores

What is a Consumer Credit Report?

This is a report divulging any or all of the pertinent demographic and credit data contained in the main database in respect of a specified individual.

What is a Business Credit Report?

A Business Credit Report is similar to the consumer credit profile; however the information will be relevant to all sectors of business in Tanzania, including micro, small and medium enterprises (MSMEs).

What is a Credit Score?

A credit score is a number assigned by a computer matrix that uses a mathematical algorithm to analyze the historical credit information on a credit report. It converts qualitative data into a numerical score. This number represents the risk associated with extending credit to an applicant based on their credit history.

Can I Find Out My Credit Score?

Yes you can. However, A Credit Score is a separate product from our Credit Report. The Credit Report shows credit history and the Credit Score is an analysis of that credit history. Both will be able to be used together or interchangeably depending on the type of product the financial institution is offering. Each consumer is entitled to one free credit report per year, however, that free credit report does not include the credit score. The credit score is available in a special report for a minimal fee.

Why Was I Turned Down For Credit?

Each financing institution will have its guidelines that it will use to help decide who will be able to get credit, in what amount and at what price or interest rate. The credit report and credit score will eventually be incorporated in the guidelines as part of the risk assessment. However, different institutions will have different appetites for risk; they will also include information in the decision process that they have obtained directly from you or from our sources, not only information from Creditinfo. One institution will provide credit at a particular credit assessment and score and another institution will not, for the same score. So, to find out exactly why you were turned down for credit, just ask the institution from which you applied for credit. You can also request a credit report from Creditinfo which will give you the information Creditinfo hold in its database that could have contributed to the final decision.

Who or what determines if I get a loan?

Banks, credit card companies, auto dealers, mortgagers and other lenders decide if you get your loan. Most businesses that issue credit or loans will use credit scores to summarize a consumer’s credit history.  Although other factors are used in determining whether or not you receive the credit you applied for — such as income versus the size of the loan — a credit score is a leading indicator of one’s basic creditworthiness. Creditinfo or other credit reference bureaus do not make lending decisions

If one organization has turned me down for credit will others do the same?

Not necessarily. Different institutions take different factors into account when deciding whether to provide credit. If a lender turns down your application, get a copy of your credit report before you make further applications. If you make several applications over a short period of time, lenders may think you are trying to get too much credit, or even that a fraudster is using your details. So find out why you have been refused before applying to another lender.

Does making several applications for credit reduce my chances of getting credit in the future?

Making several applications for credit over a short period of time can influence a lender’s decision. If you are shopping around for the best credit deal, you should ask for a credit assessment instead, rather than filling the application form and applying for a credit. In most cases, lenders do not have to search your credit report to assess your eligibility for credit. If the cost of the credit deal depends on your credit score, the lender may need to search your credit report. In this case, the lender should tell you if they are going to search your credit report and what sort of search they will make. If one lender turns down your application, it is best to find out why you have been turned down before you contact other lenders.

How do I know who has seen information about me?

When an institution checks or searches your information on our database, a record, or ‘footprint’, of this is kept. These records show who has seen your personal information, why and when.

Am I On A Blacklist?

Credit reference bureau holds only facts about people. This is taken from public records, or is provided by lenders or the person themselves. We merely provide credit histories and analyze information.

Can I Find Out Who Has Requested My Credit Report?

Yes. When you request your own credit report, that information is provided in the report.

Whom one else can request my Credit Report apart from myself?

Your credit report can only be requested by an institution to which you provide written consent and then only if that institution has an agreement to provide the credit reference bureau with credit information and also pull credit reports.

Credit Reference Bureau may also be required to provide information pursuant to a Court Order in the course of investigations conducted under certain specific circumstances.

How Can I Obtain my Credit Report?

Two options will be offered to obtain your credit report:

  • request it in person at the offices of Creditinfo Tanzania Limited
  • request on-line using our online interface, www.creditinfo.co.tz (to be launched soon)

In all cases, proper identification will be required.

How long does it take to receive a copy of my credit report once requested?

Credit Reference Bureau shall furnish a copy of requested credit report within five working days of the date of request. The requested report shall be only in hardcopy or uneditable electronic format.

How do I request my credit report?

The request may be completed via fax, telephone, postal mail, email and in person indicating proper identification to the credit reference bureau.

How much does it cost to obtain a copy of my credit report?

A consumer is entitled to receive a free credit report from a Credit Reference Bureau in each calendar year on submission of a written request.  Any subsequent requests by the consumer will require the payment.

Do I need both the Credit Score & the Credit Report?

A Credit Score is a separate product from our Credit Report. The Credit report shows credit history and the Credit Score is an analysis of that credit history. Both will be able to be used together or interchangeably depending on the type of product the financial institution is offering. Each consumer is entitled to one free credit report per year which does not include the credit score. The score is available for a minimal fee.

What is the Credit Score range?

The credit score range to be used by Creditinfo Tanzania will be 250-900 with 900 being the best possible score demonstrating the least risk to a creditor.

Will my Credit Score change?

Yes, you do not have a single credit score or rating and your credit score will change as your credit report changes. When new information is added to your credit report; whether debt repayments, new credit facilities, debt retirement etc., or information older than seven years removed, the report will change.

Will there be a Credit Report or Score for everyone?

If you have no credit history, you probably will have neither a credit report nor a credit score available.  Consumers will need to learn to build up a credit history by accessing credit, even if not required, and repaying according to agreement.  A simple credit card can provide a history.

What should I do if information on my Credit Report found to be incorrect/ inaccurate?

Where credit information is found to be inaccurate by the credit reference bureau or the accuracy of credit information is challenged by the data subject, the data provider shall promptly investigate, when requested by the Creditinfo.

How long does it take once a dispute is filed?

Once credit reference bureau is challenged of issuing credit report containing inaccurate, erroneous or outdated information, shall;

  • within two working days from date of receipt of the challenge, endorse the disputed credit report with a note on specific items which are subject to dispute, until such time when the dispute is resolved;
  • within fifteen working days from date of receipt of the challenge, investigate and correct the disputed credit information where the dispute emanates from credit reference bureau;
  • within two working days, inform the data provider about the findings of the investigation, where the investigation findings reveal that disputed credit information emanates from the data provider;

Will I be charged for another credit report once my information has been corrected?

No, where disputed credit information has been corrected we shall provide you with a correct credit report free of charge.
Yes, where the investigation proves that the disputed information is correct, credit reference bureau may charge you for costs incurred in conducting the investigation.

What happen if I do not agree with the outcome?

Where the data provider maintains that the disputed information is accurate and you maintain that disputed information is inaccurate, you may appeal to the Bank.

How is corrected information passed on by a credit reference bureau to Lender or other institutions?

Whenever credit information has been amended a copy of the amended report is sent by the credit bureau to every person to whom the credit bureau disclosed the inaccurate or incomplete information. The consumer is also notified when the necessary changes have been made.

How does information from a credit reference bureau benefit the average consumer?

Information from a credit bureau allows a lender to more accurately assess the credit worthiness of a borrower. This enables lenders to better assess the risk of each credit and price the loan accordingly. Therefore, potential borrowers with good credit histories can benefit from reduced lending rates.

How Is My Information Kept Safe?

The safety of the information provided to our bureau is of paramount importance. Our primary storage, located in Dar es Salaam Tanzania, in a very secure data facility. Secondary facilities are also secure to a level capable of passing the international security standards of the Creditinfo Group as well as the Bank of Tanzania which oversees credit reference bureaus and regulates the industry

What can I do to prevent Identity fraud?

  • Unfortunately, identity fraud is on the increase. There are certain precautions you can take to reduce the risk of your details being used fraudulently.
  • Always destroy any rubbish that contains personal information (including cheque stubs, receipts and bank statements). A personal shredder can be a wise investment. Never throw anything with your name and address on, even an envelope, without shredding it first.
  • Never respond to e-mails asking for personal information and be careful when giving out personal information over the internet
  •  Never give personal information to people who say they are calling from organization you have not dealt with before. If you know the organization, insist on calling them back.
  • If you believe you have been a victim of fraud, contact the police as quickly as possible to report the crime and you should then get a copy of your credit report

Who regulates your work?

We are licensed by the Bank of Tanzania under the Credit Reference Bureau regulations 2012 and the Credit reference databank regulations, 2012.

How can I contact you?

You can contact us at our physical Address:
4th Floor – Barclays House
Ohio Street
Dar es Salaam

or

Postal address:
P.O.Box 77030, Dar es Salaam
Telephone: +255 222127263
Fax: +255 736 607 796
Email: CITnfo@creditinfo.com

Creditinfo Tanzania Limited - 8th Floor - Tanzanite Park, New Bagamoyo Road, PO Box 12403, Dar es Salaam, Tanzania.
+255 (0) 22 276 0742 citinfo@creditinfo.co.tz
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