CRC Credit Bureau Launches Data Submission App

CRC Credit Bureau has launched its Data Submission Application Programming Interface (API).

The solution enables institutions access and submit data on their credit customers’ online real time. The innovation is an automated medium that enables institutions, provide CRC with information on credits immediately they are booked on the system and update existing credit records as soon as repayments have been made by their customers.

The API also enables them to access relevant information about their customers through live connections.

According to a statement, traditionally, lenders submit credit data once or twice a month which leaves some customers who have paid, in between this cycle, either waiting for an update to be done, while others are not able to build a credit history especially if they have taken and repaid the loan before the information is provided to the credit bureau. An example of these are short-tenured facilities e.g. 24 hours, 7-day facilities etc.

“The traditional reporting often causes a delay for borrowers who want to access new loans immediately after they pay off outstanding facilities or for those who want to build credible profiles to access loans/postpaid products thereby improving their standard of living.

“On the lenders side, they spend additional man hours updating information manually thereby increasing their operational cost and negatively impacting efficiency. By adopting this technological advancement in data reporting, institutions can eradicate these challenges, as their customers begin to build credible profiles and histories immediately facilities are taken.