CRC Credit Bureau has unveiled a new service called “I-CONplus” (Individual Credit Overview Notification) aimed at providing instant monitoring opportunities for all individuals who have any form of credit exposure within the lending space in Nigeria. This initiative is part of the Bureau’s commitment towards fostering the comprehensive use of credit information for inclusive growth in the economy.

As a credit bureau, experience has shown that debtors, on many occasions, face embarrassing moments for not knowing their current credit status. These debtors are left with nothing but complaints when informed about unfulfilled payment obligations on facilities they have either long settled or they presume to have settled.

Consequently, such customers are outrightly denied credit each time they approach lenders for new ones or experience unwarranted delay in the processing of their applications, since the disputed credit position would have to be subjected to a credit bureau’s information update process and/or dispute resolution process. This takes at least 24 hours depending on the response rate of the data provider for the facility in question or months for cases of dispute.

CRC I-CONplus delivers an easy, convenient and cost effective solution that enables customers to proactively monitor their overall credit exposure and performance, through periodic email notifications that can be viewed on the go. Beyond the opportunity to maintain constant checks on customers’ reputation, I-CONplus notifications also offer subscribers prompt identification of any irregularity in their credit status for swift corrections. Borrowers can now be a step ahead of their prospective lenders or users of their credit information reports with ease.

With the I-CONplus service, subscribers stand a chance of:

  • Maintaining a favourable history of performance, thereby enhancing their opportunities to access new facilities as at when needed and at reasonable terms. Lenders grant more credits at reduced charges to borrowers they perceive to be less risky in terms of capacity and willingness to repay;
  • Ensuring that all paid down loans have been duly processed and reported to the credit bureau to reflect such. For example, it is not enough to settle a debt with a bank without having it effected in your credit report since it is almost impossible for other banks in the industry to contact the bank before application decisions are made.
  • Ensuring that the loan portfolio of all credit institutions interacted with (by the customer) are not adulterated in any way. The risk of fraud and other identity theft cases that can be committed using a subscriber’s details is much reduced with the regularity of monitoring that has been made available.

At CRC Credit Bureau, it is part of our objectives to make the lending process in Nigeria as transparent as possible and affordable to every individual. ICONplus is thus among our commitment to developing products and services that prevent credit information discrepancies, identity theft etc. and at the same time promote access to credit.

For subscription and other enquiries, please contact us at monitor@crccreditbureau.com or call +234-8072090622, +234-1-6283901.