What is a credit score?
A credit score is a numerical representation based on a credit report analysis of a person's credit history, to express the creditworthiness of an individual.
CRC SCORE is the credit scoring system launched by CRC in Nigeria, developed in collaboration with Fair Isaac Corporation (FICO), the most widely used credit risk scoring system worldwide. It is also the only globally acceptable credit score in Nigeria.
Over 100 billion FICO Scores have been sold to date, making FICO the most used credit score in the world and we believe only the best is good for Nigerians.
CRC Score a three-digit number ranging from 300 to 850, that summarizes the information in the CRC Credit Information Report and shows how risky it is to grant loans or offer “buy now pay later” services to individuals by credit grating organizations.
What are the information considered in CRC Score?
CRC Scores range between 300 and 850 and are generated using five parameters including the following;
Amount Owed (Outstanding Debt) (30%) – This reviews the amount owed in all the subject’s account, the number of accounts with balances and how much of available credit the subject is using.
Payment History (35%) – This reviews the degree of compliance to agreed payment terms such as frequency and time of payment. Late payments, bankruptcies and other negative items impacts the outcome.
Pursuit of New Credit (10%) – If the subject has recently applied for or opened a new credit account. The score will weigh this against the rest of the subject’s credit history.
Length of Credit History (15%) – Longer credit history increases the credit score of the subject. Good scores can also be achieved with short credit history if the rest of the report shows responsible credit management.
Credit Mix (10%) – Having a mix of credit types (Credit Card, installment loans and personal lines of credit) can slightly add to the subject’s credit score.
Why Do I Need a CRC Score?
Applying for a CRC Score, gives individuals access to a system that helps rate their credit worthiness and puts them in control of improving their chances of accessing finance and other post-paid products. 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.
Lenders can also 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.
How is my CRC Score Calculated?
CRC Scores range between 300 and 850 and are generated using five parameters including; amount owed, payment history, pursuit of new credit, credit mix and length of credit history (each having different weights).
How do I request for my CRC Score?
Please have the following in place before proceeding to the subscription page:
Payments can be made by bank transfer or cash deposits into the below account:
Bank: United Bank for Africa
Account number: 1012599092
Account name: CRC Credit Bureau Ltd
For further enquiries, call +2348072090622 or send us a mail to firstname.lastname@example.org