Apart from your BVN and banking information, a credit report is another important financial document you should have. A credit report provides you with information about your previous and current credit contracts. – which could be in the form of credit cards, loans, mortgages, debt collections, etc.
Have you ever wondered why most loan service providers require your banking information to check your credit score before giving you a loan? It’s very important to know your credit score not only to acquire loans but also to help you manage your money. Sadly, a lot of people in Nigeria do not know how to check their credit rating, and due to this, they are unable to get a credit report. Some of the sources you go to know your credit rating may require you to pay to get your credit score. Luckily for you, we have given you information on how and where to check your credit rating for free in Nigeria.
1. Contact Your Bank
Many commercial banks in Nigeria provide free credit monitoring services. So, you can contact them to get free and reliable access to your credit score. If you intend to check your credit score, your bank should be your first source.
2. Get A Credit Monitoring Service
Apart from your bank, you can contact other credit monitoring service providers to know your credit rating. Most credit monitoring service providers may require you to pay a monthly fee or signup for a paid service.
However, you don’t have to rely on paid service solely to check your credit rating. Every Nigerian is entitled to one free Credit report annually from the Nigerian Credit Bureau. Creditregistry.ng is a place where you can access a free annual credit report. Also, the CRC Credit Bureau gives you a free credit report as well. Simply dial *565*8# on your smartphone to get your credit rating (exclusive to MTN subscribers only).
Paylater (now Carbon) provides free credit reports to Nigerians. Visit the website, register, and get your credit report.
Why You Need A Credit Report
Different individuals, firms, and companies use a credit report to rate people. Some entities such as insurance companies, loan providers, credit card companies, mortgage companies, employers, and even landlords check the credit reports of their subjects or customers.
These entities check your credit past to make decisions about you or to know if you are financially responsible or a spendthrift.
You need to track your credit score. If you are considering applying for a loan or getting a new credit card, your credit number could greatly influence your interest rates.
Most importantly, it is essential to check the data and ensure that it is correct and up to date. If you notice that there are errors or mistakes on your report, you should dispute the mistake. Examine your credit report for charges you didn’t make or accounts you didn’t open and payments you didn’t make. If you notice any incidence of fraud, raise an alarm and alert the Nigerian Credit Reports immediately.