A Credit Bureau is an independent organization that compiles identity information, public record information, statutory information and credit transaction and history information pertaining to individuals as well as corporate entities.
CRC Credit Bureau Limited is a private limited liability company duly incorporated and licensed under the laws of the Federal Republic of Nigeria & has been established with the purpose of creating and operating a consumer and corporate Credit Bureau in Nigeria.
The operations of CRC Credit Bureau offers various value propositions to our stakeholders; borrowers, lenders and the economy: by enhancing the activities of lenders through provision of reliable information, assisting borrowers towards maintaining a responsible credit culture and accessing credit, and enhancing economic activities within the Nigerian economy.
Yes, The CRMS was established by law for strengthening the credit appraisal procedures of banks, monitoring banks exposure to borrowers and facilitating consistent classification of credits. The CRMS requires mandatory reporting by all licensed banks on a monthly basis of all credits, including principal and interest of N1million and above (previously N100, 000). The CRMS is a regulatory mechanism established for the purpose of monitoring policy compliance, rather than a business and credit information provider. The CRMS is limited to bank credits and excludes non bank exposure and payment behaviour, from non-banking institutions and the non- financial sector credit grantors Going forward, the CRMS system will submit data to CRC as a public credit registry and this data will reflect in the CIR pulled from CRC.
As a new borrower, there will be a new file created for you (as and when our Member bank submits your information to us). It will then be in your interest to build up a favourable repayment track record for future credit applications.
It is advisable to check your credit report at least once a year to ensure your identity has not been compromised. It is also prudent to check your credit report before applying for a loan especially if you have been denied credit or think your identity has been stolen.
With your consent, any of CRC’s Member with a permissible purpose to view your credit report, can choose to do so.
It is sometimes (rarely)possible for incorrect, incomplete or outdated information to appear on your credit report.
If it does, it can drastically lower your chances of getting the loans, credit cards, and other credit products you deserve. If you find an error, follow the steps indicated under dispute resolution process.
The CRC Credit Report will show credit history for the past three years. CBN has mandated that CRC will retain your credit history for years.
No, Unless you feel there are some errors in your credit report you cannot choose to delete information from your credit report. In case you find some error in the Credit Report it is advisable to follow the Dispute resolution process and the Bureau and the Member Banks will start their Verification process and in case any errors are identified, this will be corrected.
No, CRC does not provide its opinion on the creditworthiness of any subject and does not approve or deny credit.
The CIR only provides available factual credit information and does not provide any opinion, indication or comment pertaining to whether credit should or should not be granted.
The credit grantors who have received an application for credit will make the credit decision. CRC does not grant or deny credit.
The Members do not provide this information to CRC and hence it will not be present in the CIR.
Not necessarily, Different credit grantors may use a CIR differently, or take into account other factors when they assess your application. Although one bank may deny you credit, another bank could take a different view and accept your application.
CRC does not classify any accounts as default accounts. It merely reflects this information after the Member has classified it as such. The Number of Days Overdue Due and / or Asset Classification as per CBN definition as submitted by Members is reflected in the CIR.
You may contact CRC Customer support via Phone (+234 (0)1 6283901) or via email firstname.lastname@example.org