Loan accounts in default hit 7 million: TransUnion CRBMore than a quarter of all loan accounts have been negatively listed by Credit Reference Bureaus or CRBs mirroring the burden shouldered by borrowers from rising interest rates and an adverse economic environment. According to just released data from the TransUnion CRB, 7.6 million loan accounts were in default at the end of December last year out of a total of 29.7 million accounts. In contrast, only 3.89 million loan accounts were in default as of March last year. TransUnion has attributed the 96 percent jump in negatively listed accounts to a combination of steeper borrowing costs and reduced consumer incomes from recently implemented pay slip deductions. Read more: Caption for the landscape image: Why a third of Kenya’s loan accounts in March last year are blacklisted with CRBs
