CRC Credit Bureau in line with its market leadership and its vision “To Set Standards for Financial Empowerment and Informed Decision Making” has updated its ever-growing series of technology driven products with the live deployment of its CRC FICO Score. Consumers can now have access to a system that helps them to rate their credit worthiness and put them in control of improving their chances of accessing finance and other post-paid products.
The credit scoring system, developed in collaboration with Fair Isaac Corporation (FICO), is the most widely used credit risk scoring system worldwide. 100 Billion FICO Scores have been sold to date making FICO the most used credit score in the world. It helps lenders make accurate, reliable and fast decisions on the determination of the riskiness of potential borrowers, in terms of capacity and willingness to repay loans and fulfil financial terms for enjoying postpaid services.
CRC FICO Score is a three-digit number ranging from 300 to 850, that shows how risky it is to grant loans or offer “buy now pay later” services to an individual. Scores above 650 indicates a “Good” rating, in terms of credit worthiness, and scores below 499 may indicate that the risk of non-payment is high.
Speaking at the recent Stakeholder's Engagement Forum in Lagos on the Ease of Doing Business in Nigeria organised by the Presidential Enabling Business Environment Council (PEBEC) of the Office of the Vice President of the Federal Republic of Nigeria, the MD/CEO, CRC Credit Bureau Limited, Mr. ‘Tunde Popoola, emphasized on how the CRC FICO Score will promote financial inclusion and boost access to credit especially for consumers and small business owners who usually borrow using their personal rather than their business names.
"With the CRC FICO Score, borrowers with good credit scores do not need to know someone in a lending institution or have a valuable collateral to get their loan application approved. Lenders can easily rate how well an applicant has performed with paying back the loans borrowed in the past. The amount owed and your credit history accounts for 65% of your CRC FICO Score. The higher your score, the higher your chances of getting a loan or other forms of credit and vice versa. In addition, the possibility of obtaining a loan at a relatively cheaper price or rate is high with high credit scores since the credit score is an indication of the riskiness of the customer".
The CRC FICO Score is available to all consumers and credit grantors in Nigeria.