CRC Credit Bureau Scoring System goes Live



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.


More news Items

CRC Credit Bureau Appoints New Chairman

CRC Credit Bureau Limited has announced the appointment of a new chairman and three non-executive directors....


CRC Credit Bureau Limited and FICO Partner to introduce CRC FICO Score in Nigeria

CRC Credit Bureau has introduced its latest product CRC FICO Score to further enhance seamless lending activities in Nigeria....


CRC Credit Bureau Ltd. Launches New Product Called 'CRC Monitors And Alerts'

CRC Credit Bureau Limited organized a breakfast session for commercial bankers at the Victoria Crown Plaza in Lagos to discuss ways ...


CRC Credit Bureau advises banks on bad debts

CRC Credit Bureau Limited has highlighted ways by which the Deposit Money Banks in the country can avoid losses as a ...


CRC Credit Bureau Receives Award as Best Loan Application Services Provider Nigeria 2014

The availability of reliable credit information is the cornerstone of business. Without it, no company � large or small � can ...


Usefulness of Credit Bureau to Lenders

Show me the Money, usefulness of credit bureaus to lenders in Nigeria...


Nigerian Institute of Management visits CRC Credit Bureau Limited

On 19th February, 2013, the President and Chairman of Nigerian Institute of Management (Chartered) Chief Michael Olawale-Cole together with council members ...


CRC Credit Bureau to empower utility consumers to access loans

CRC attends SARPA Meeting to discuss the benefits of credit bureaus...


NIMC Identity Database Goes Live

The National Identity Management Commission (NIMC), took a major step at fulfilling its mandate when it recently flagged off the National ...


CRC In The News

New Board Chairman for CRC...


CBN to Install New Settlement System in Q2

In order to ensure efficiency in the interbank market, the Central Bank of Nigeria (CBN) has concluded plans to deploy a ...


NAICOM: Why We Moved Away from Operational Guidelines

The regulator for insurance business in Nigeria, National Insurance Commission (NAICOM) said it had to move away from the regime of ...


CRC Credit Bureau Receives Award as Most Innovative & Impactful Credit Information Provider

the transparency of the selection process of award winners and the utmost independence the selecting jury enjoyed, had gone a long ...


Cash-Less Policy: CBN to reduce 10% service charge

The Deputy Governor in charge of Operations of the Central Bank of Nigeria, Mr. Tunde Lemo, said that the transaction charge ...


Credit to Private Sector Rises by 42%, Now N13.348tn

Credit to the private sector increased by 14.7% year-on-year to N13.348tn as at January 2012, as against the N7....