FAQs

Credit Reference Bureaus (CRBs) are primarily data aggregators. They collate, research and analyze the data sourced from multiple data providers and use the data to produce credit information reports about the credit history, borrowing pattern and repayment behaviors of business and individuals.

CRBs are primarily known to produce and sell credit information reports which lenders or creditors across all sectors use in assessing the creditworthiness of their customers.

In most countries, CRBs are licensed and regulated by the central bank of the country in which they are domiciled. CRBs go through stringent but reasonable licensing procedures before they are awarded an operating license. In addition, CRBs are frequently examined by the licensing authority in order to ensure compliance to the laws, regulations and guidelines that have authorized their existence.

Credit reports contain data on the past and current credit-related activities of an individual or a business. In addition, a credit report contains data on the demographic details of an individual or the registration and ownership details of a business. Other segments of a credit information report contain details of credit/loan types, credit/loan amounts, credit/loan repayment history as well as credit/loan default history.

A credit score is a numeric indicator of a borrower’s creditworthiness or propensity to repay. You can think of it as a number that indicates the level of risk associated with granting credit to a customer. The data used in calculating a credit score is sourced from the credit report.

Apart from being indicative, a credit score can be predictive. By collating, observing and analyzing patterns of a credit customer’s past credit behavior (especially repayment and default patterns), a CRB may compute credit scores that are predictive i.e. foretell the future risk of default by credit customers. If you wish to know about your credit score or Armada CRB’s credit scoring capabilities, please feel free to contact us via info@armadacrb.co.ug

Depending on the legal and regulatory framework that guides the operations of a CRB, its sources data may include banks, telcos, microfinance companies, credit unions, saving and cooperative societies (SACOOS), retailers, utility companies, public registries and any other source of relevant data.

Are Credit Bureaus Selective On Who They Report On?
No. CRBs cannot be selective or biased. CRBs have a duty to fully disclose all that they know about the credit status of an individual or company. However, such disclosure must be for purposes permissible by the legal and regulatory frameworks of credit reference bureaus in the host-country. Examples of permissible purposes include but are not limited to; new credit appraisal, loan restructuring, portfolio evaluation and monitoring, collections, skip tracing and, fraud investigation.

Yes, you can! Every individual is entitled to one free copy of their credit information report every twelve (12) calendar months. However, subsequent copies will be at a cost. You can get a copy of your personal credit report by completing and submitting the Self Inquiry Form

How Long Is Data Kept By The CRB?
CRBs in Uganda are permitted to retain data in the credit information report for five years. Subsequently, such data is removed from the credit information report but backed-up for another five years.

Yes. Your data is safe with us. As Uganda’s leading CRB, we consider it part of our fiduciary responsibility to preserve and protect the integrity all types of data in our repository. That is why we have left nothing to chance and applied the most comprehensive data protection and IT security protocols in our operations. Access is granted on need-to-know basis. In addition, we invest time and resource on training and re-training all members of our team on the importance of data protection. In addition, CRBs are frequently audited by Bank of Uganda to ensure strict compliance to data protection guidelines.

It is possible for your credit report to contain in accurate or incomplete information. Such can occur in times. where there are no unique identifiers of businesses. However, an error in your credit information report is not a death sentence and it can be corrected via the Dispute Resolution Process stipulated by the regulatory authority of the country.

Typically, the process involves completing a dispute resolution form in which inaccuracies observed in a credit report are reported. The dispute form may be submitted directly to the CBR or via your creditor. Once the form is received by the CRB, the CRB will investigate and coordinate the process of correcting the reported inaccuracies within the timeframe stipulated by the regulator. If you have noticed any inaccurate or incomplete information in your credit information report, please fill the Dispute Form and send to us. Our team will ensure prompt resolution within the timeframe set by Bank of Uganda.

Promoting easy access to credit is at the core of what we do at Armada CRB. As stakeholders in Uganda’s credit ecosystem, we frequently organize workshops and seminars to create awareness about our role in the financial eco-system and the benefits of building a good credit profile especially as it would qualify an individual or company for easier access to credit/ loans at favorable interest rates.