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What is a credit Bureau?

 
A credit Bureau is an institution licensed and regulated by the CBN to collect information from credit grantors and available public sources on borrowers credit history.

What Organizations can access my Credit Information?

 
  • Banks operating in Nigeria
  • Mortgage finance companies
  • Finance and operating lease companies
  • Insurance Companies
  • Micro-Finance and SME lenders
  • Asset management companies
  • Suppliers of services on a post-paid basis e.g telecoms, electricity etc.
  • Other entities authorised by the CBN

What is a Credit Report?

 
It is a report generated by the Credit Bureau and contains demographic and credit information on an individual or Company including:
  • Name
  • Address/Contact Details
  • Other identifying information unique to the individual e.g National ID, date of birth.
  • Type of credit account(s)
  • Credit payment profile
  • Other Public Records

How can I get a good Credit Report?

 
You build a good credit report by:
  • your debts as at when due
  • Being truthful with any information supplied when applying for Credit
  • Taking Credit responsibly

What is the benefit of having a good Credit Report?

 
  • Ability to obtain credit without collateral or with reduced collateral
  • Easier and faster access to credit
  • Lower interest rates
  • Ability to acquire big ticket items such as houses, cars and household goods without saving up for extended periods to pay cash
  • You earn a reputation as a responsible person

What is a credit Score?

 
A credit score is a numeric value representing a borrower's credit worthiness based on statistical analysis of the data found on the credit report. The higher the number (closer to 850), the better the ranking and the higher the chance of getting a credit as well as better terms and conditions.

what is Biometric Verification Number (BVN)?

 
Biometric verification is any means by which a person can be uniquely identified by evaluating one or more distinguishing biological traits. The Biometric Verification Number (BVN) was conceived to address this identification challenge. The idea is very simple, the biometric (fingerprints and facial features) of each customer is captured and a number, called Biometric Verification Number (BVN), is attached. These are stored in a BVN database created by the banking industry in the custody of the Nigeria Interbank Settlement System (NIBSS)

Know your Credit Status!

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