In order to encourage responsible lending and lower default risks in the financial sector, a CRB assists lenders in determining borrowers' creditworthiness.
Famous Zambian CRB
1. TransUnion Zambia
- The largest and most established CRB in Zambia.
- Provides credit reports, scores, and related analytics to banks, microfinance institutions, mobile lenders, and other financial entities.
- Also allows individuals to check their own credit reports.
2. Compuscan Zambia (now Experian Zambia)
Offers credit bureau services, risk management tools, and analytics to financial institutions.Functions of CRBs
- Collect data from banks, microfinance institutions, utility companies, and other creditors.
- Maintain credit histories and assign credit scores.
- Allow financial institutions to check a borrower’s past behavior before approving loans.
- Help consumers track their own credit status and resolve discrepancies.
Why is CRB important
- CRBs improve financial transparency.
- They enable risk-based pricing—borrowers with better credit scores may get lower interest rates.
- They reduce over-indebtedness by allowing lenders to see all current loans.
Legal system
- Regulated by the Bank of Zambia under the Credit Reporting Act.
- Consumers have the right to:
- Access their credit report for free at least once a year.
- Dispute incorrect information.
- Be notified if a negative decision (e.g., loan denial) is based on their credit report.
Checking CRB online
In Zambia, you can easily check your CRB (Credit Reference Bureau) status via phone using TransUnion Menyesha. Here’s how it works:
Check Your CRB Status via USSD
TransUnion offers a convenient USSD service called Menyesha, which lets you view your credit standing quickly:
Dial *707# on your mobile phone .
Register using your National ID (NID) when prompted.
After registration, select the option to get your credit status.
You’ll receive an SMS with a summary like “good” or “default,” and can request a full report or clearance certificate if needed .
Tip: This is a paid service—charged at standard USSD or premium SMS rates.
Additional Access Methods
If you’d prefer alternatives:
Online portal:- Check your credit score and reports here
- Phone & in-person:
- Call TransUnion at 0211 220 530/36/420500 or 0955 985 107/5307, or visit their Lusaka office to request your report manually
Why Use USSD?
- Instant and accessible on any mobile phone—no internet needed.
- A quick way to check if you're in good standing before applying for loans.
- Helps you catch any negative marks early and consider ordering a full report or clearance.
Next Steps
- If status shows default, follow prompts to request a credit report or clearance certificate.
- If status is good, you’re in a strong position—but it's still wise to download your full credit report annually to check for errors.
To create a credit score dispute you need to be cleared by writing a letter to the CRB.
Tips to avoid bad credit score
Avoiding a bad credit score involves consistently managing your finances and debt responsibly. Here are key strategies to help you maintain or build good credit:
1. Pay Your Bills on Time
- Most important factor in credit scoring (35% of your FICO score).
- Set up reminders or autopay to avoid missing due dates.
2. Keep Credit Utilization Low
- Use less than 30% of your credit limit (preferably under 10%).
- Example: If your limit is K5,000, try not to carry a balance over K300.
3. Don’t Close Old Credit Accounts
- Length of credit history matters (15% of your score).
- Older accounts help show long-term, responsible credit use.
4. Limit Hard Inquiries
- Only apply for new credit when necessary.
- Multiple credit checks in a short time can hurt your score.
5. Check Your Credit Reports Regularly
- Get free reports from Zambian CRB
- Dispute any errors immediately (fraudulent accounts, wrong balances, etc.).
6. Diversify Your Credit Mix
- Having both installment loans (like auto loans) and revolving credit (credit cards) helps your score.
7. Don’t Max Out or Overuse Cards
- Carrying high balances can signal financial stress.
- Even if you pay it off, high usage can temporarily lower your score.
8. Communicate with Creditors
- If you're struggling, talk to them before missing payments. They may offer hardship options or deferments.
Borrowing responsibly is the surest way to avoid building debts because more debts can ruin your financial status. Make use of the available CRB to check and clear your outstanding loans.
Related: How to make loans work for you.
