According to the findings of recent research, a significant number of young people in this country have CRB entries. This occurs after they have neglected to make payments on loans that they have obtained through online money lending services.
If you fail to make the required payments on these loans, the platform has the option to include your name in the CRB. Because the vast majority of young people are unaware of the consequences of having their names appear in the CRB, they do not feel the need to go through the process of clearing their names. When you are listed in CRB and you do not clear as quickly as feasible, several problems can and will occur as a result.
1. Your credibility among financial institutions and other platforms for the lending of money will suffer. It is a well-known fact that you won’t be approved for a loan from any financial institution if you have a history of defaulting on payments for past debts. This indicates that you will not be eligible for any loans of any kind. It is of the utmost importance to be able to quickly obtain a loan from a reliable source in the event of an unexpected financial crisis. This indicates that if you ruin your reputation, you won’t be able to qualify for any kind of loan, regardless of the circumstance.
2. Lessen the likelihood of finding work, in particular in the private sector. When you send in your application for a job, you will need to enclose a copy of a certificate stating that you have a good moral character. It’s possible that you won’t be able to secure the job if it comes up on your certificate of good conduct that you’ve defaulted on loans in the past.
3. You will be required to pay additional money to clear from the CRB. You must first make good on the defaulted debt before the CRB would remove its hold on you. If you haven’t made payments on that debt for such a lengthy period, the interest that has accrued will need you to make significantly larger payments in the future. Clearing your name with the CRB is a fairly simple process that will take you no more than a few hours. If your name appears on the list, you must take steps to remove it.