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How to Check Credit Bureau Status in Nigeria

How to check Credit Report on Credit Bureaus in Nigeria

The Credit Bureaus in Nigeria have offered seamless way to check your credit history. Recently, the CRC Credit Bureau launched USSD code (*565*8#) for the checking of credit reports. Checking of credit status on any credit bureaus in Nigeria can be done online via the Credit Report Portal (CRP).

However, you will need to register an account on the platform and deposit a non-refundable fee of N500. Once your request is processed, you will receive your credit report electronically within 24 hours via the email provided during the account creation.

As promised, we are going to walk you through the process of checking your credit bureau status in Nigeria, and we’re going to be using four (4) credit bureaus as an example. But before we dive fully, let’s quickly skim through credit score and some related terms like loans and credits.

Loans and Credits in Nigeria

The terms “Loan” and “Credit” are affected by credit score. The Credit Score is the first thing lenders will look out for when considering your loan application.

However, Credit Score is a numerical value between 300 and 850, following the VantageScoring model, used to assess the risk involved in approving credit or loans for potential borrowers or customers.

Here are Credit Score worthiness scales:

  • From 300 to 629 refer to Bad Credit Scores
  • From 630 to 689 refer to Fair Credit Scores
  • From 690 to 719 refer to Good Credit Scores
  • From 720 to 850 refer to Excellent Credit Scores.

The higher your credit scores, the higher chance you get in getting your loan application approved. If you have a bad credit scores, it will indicate a high chance that you may default in loan repayment.

In a nutshell, credit scores serve lenders and creditors by aiding in market expansion, customer pre-qualification, and credit assessment for risk management purposes. You can also learn about Fine-Kudi Loan.

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Credit Bureaus in Nigeria

Credit Bureaus, otherwise known as Credit Reporting Agencies, are organizations that collects and maintains information about your credit history or business’s credit history. Furthermore, Credit Bureaus collect your financial data and information from various financial institutions including banks, lenders, creditors, public records, and sometimes from utility companies you pay bills to.

In Nigeria, Credit Bureaus collect information that includes:

  • Payment history: Whether you’ve made your payments on time for things like loans and credit cards.
  • Credit balances: How much debt you currently have outstanding.
  • Credit inquiries: How often lenders have checked your credit report.
  • Public records: Information about bankruptcies, liens, and other legal judgments against you.

Credit Bureaus in Nigeria use these information to create a credit report – a numerical score that lenders and creditors use to assess your creditworthiness. As mentioned earlier, a high credit score indicates that you are a low credit risk, while a low credit score indicates that you are a high credit risk.

Furthermore, aside the fact that Credit Bureaus collect credit information from lenders, creditors, and other sources, they also maintain credit reports, provide credit reports to lenders upon request, investigate disputes related to credit reports and educate consumers about credit and credit reports.

However, there are two major credit bureaus in Nigeria and they are: CRC Credit Bureau Limited and CreditRegistry. Other popular and licensed credit bureaus in Nigeria include The First Central Credit Bureaus.

How to Check your Credit Bureau Status

Check Credit Bureau Status also mean checking your credit scores. According to ALAT, “every Nigerian is entitled to one free credit report every year from any licensed Nigerian Credit Bureaus. Afterwards, you will be required to pay a certain fee to get your credit status.

Generally, you can check your credit history or status simply by dialing *565*8# USSD code on your mobile phone number to get instant Credit reports from CRC Credit Bureau. However, this service is currently available to MTN subscribers only.

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Furthermore, you can request and get your credit report directly from:

1. Equifax Nigeria: You can also request your credit report from Equifax Nigeria online through their website. The process is similar to the CBN, but the fee is N600. You will receive your report within 24-48 hours.

2. CRC Credit Bureaus: After you’ve successfully requested your one-time free credit report in a year, you can request another report online through the Credit Report Portal. You will need to create an account and pay a non-refundable fee of N500. Once your request is processed, you will receive your report electronically within 24 hours.

3. Credit Registry: To check your credit history and report on CreditRegistry, you will need to register an account, and pay a fee of N250 to get a premium report. You can get ordinary report for free, however, this can be done once a year as mandated by Nigeria Authority.

4. First Central Credit Bureau (FCCB): Get a free credit report from Nigeria’s first independent credit bureau by visiting their website and follow the procedure highlighted on the webpage. All that is needed is your full legal names (first, middle and last name as it’s highlighted on your Bank Verification Number [BVN]), Email, BVN, and your BVN-linked phone number.

5. Furthermore, you can check your credit report by visiting a credit bureau branch. The CRC, Equifax Nigeria, Credit Registry and FCCB have physical branches where you can request your credit report in person. You will need to bring a valid ID and proof of address. There may be a processing fee for this service.

Conclusion

It is important to note that credit bureaus do not make lending decisions. They simply provide information to lenders, who then use that information to make their own decisions.

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