Increasing digitization of money management processes allow for convenience and ease of access on a micro level. Using data insights from credit bureaus, some fintechs now allow people to check their credit reports. This article will show you 3 apps to check your credit score in Nigeria and how to use them.
A credit report gives a rundown of a person’s credit history. It contains detailed information of all their debts. It also shows bankruptcies and late loan payments (if there are any).
Financial institutions send your credit history to Nigerian credit bureaus like CRC Credit Bureau, FirstCentral Credit Bureau, etc. These bureaus use this information to create a credit report. Then micro lender use the credit report to determine how creditworthy a person is.
What you get when you check your credit score in Nigeria
In 2016 the CBN issued approval to the Credit Bureau Association of Nigeria to collect users credit histories from financial institutions with the use of the Common Data Template. The information you get when you request for a credit assessment are classified into four groups:
- Demographic Information such as name, address, means of identification, registration numbers (for commercial enterprises) etc.
- Information to the credit history. The bulk of the credit report consists of details about credit accounts that were opened in the person’s name or that list them as an authorized user (such as their spouse’s credit account). Account details, which are supplied by creditors with which they have an account, including the date the account was opened, the credit limit or amount of the loan, the payment terms, the balance, and a history that shows whether or not they’ve paid the account on time. Closed or inactive accounts, depending on the manner in which they were paid, can stay on their report for up to 10 years from the date of the last activity. Also includes the principal amount, interest rate, dates and amounts. Here, there are classified as well-performing, doubtful, default etc.
- Information on inquiries made on the customer. An Inquiry is recorded by a credit bureau whenever your credit report is shown to another party, such as a lender, service provider or insurer. Inquiries remain on your credit report for up to one year.
- Public Records: Information on Collateral, Securities. Lawsuits, litigation, returned cheques, default in taxes, courts of law — including liens, bankruptcies, etc.
Now to the main course, you can access credit reports from these simple mobile apps.
1. Carbon Paylater:
Carbon, formerly known as Paylater, is a leading digital lender. Launched in March 2016, the company began with just giving out instant loans. However later on, they added new services for seamless money management transactions. The services include bill payments, investment, airtime purchase and free credit report.
To check your credit report using the Carbon Paylater App, go to their site where they show you how to get the credit report, how to interpret it and how to resolve any issue you may have.
2. CRC Mobile
The CRC Credit Bureau launched a mobile application during its 10th anniversary on 11th December, 2019. With it comes the ease of getting credit report.
CRC Credit Bureau also has about 13 products and services that are all available on the mobile application CRC Mobile. After download, users can register and access any of the services available on the application. This is a tutorial on how to use the CRC mobile app.
Another wonderful way to get a hold of your credit score is to download and use Tanadi mobile application. The company is a Digital Cooperative and Nigerian first non interest fintech company. It is backed by TAJ Bank and one can see the handwriting on the wall from a mile away. In order to asses your credit score, you would have to open a bank account with TAJ Bank and link it to your profile. Learn more about it here.
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My name is Emmanuel Ejiga. Content lead of OG Capital
I am a writer. Technical writer, song writer, and sometimes fictional writer.