What is a Clearance Certificate?
A CRB Clearance Certificate also known as a CRB certificate is an official document issued by a licensed Credit Reference Bureau (CRB) confirming an individual’s credit status. It indicates whether you have a credit default or not for your current credit obligations with financial institutions.
A Clearance certificate is valid as at the date of issue. This is because CRBs receive information on a daily basis which could alter the customer information.
Importance of a CRB Clearance Certificate
A CRB clearance certificate tells banks employers, and other organizations whether you have ever borrowed money and if you repaid your loans on time.
Why is it important?
- For loans - Lenders can can request for the certificate before giving you credit.
- For Jobs - Many employers, especially in government and finance, ask for it during recruitment.
- For Your Own Record - It helps you know your status and correct any errors in your credit history.
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