Frequently Asked Questions

Learn about the frequently asked questions

Credit Bureaus and You

How does a Credit Bureau affect me?

Credit Bureaus collect information about how you pay your loans or obligations to service providers that you do business with. These service providers include banks, online lenders, microfinance institutions, insurance, utility, landlords, telecommunications, merchants, employers, etc. The information collected about you by credit bureaus includes:

  • • Your personal information, such as name, date of birth, BVN, phone, address, etc.
  • • Your on-time and late payments.
  • • Loan delinquency and write-offs.
  • • Court judgements or insolvency.

The Credit Bureau processes and securely stores your information and, with your consent, makes it available to those that you do business with to enable them to appraise how to serve you. Negative information reported about you, such as missing your loan payments, may make a business not want to service you until you meet your obligations. Similarly, if you meet your obligations you may enjoy better services, such as faster loan decisions and better interest rates.

Nigerian credit bureaus are licensed by the Central Bank of Nigeria.

How does the Credit Bureau know so much about me?

The credit bureau collects information from entities and service providers that you do business with.

So, does the Credit Bureau decide whether I am good or bad?

No. The credit bureau simply reports the information that it has collated about you to those that you have consented to receive your information.

If a service provider has reported negative information about your performance on a loan, that information will be shared, on request, with other service providers that you do business with. In order to trust you with their money or services that you agree to pay for later, the service provider will obtain a credit report from the credit bureau. Your credit report will provide information about how trustworthy you have been with meeting your obligations with other service providers. Without this information service providers will be reluctant to do business with you because they run the risk of losing their money.

So, a Credit Bureau simply collects information about me, processes the information, and makes it available to others for permissible purposes?

Exactly! Permissible purposes include when you get a loan, rent a flat, seek employment, receive goods or services on credit, transfer large amounts of money, etc.

What is CreditRegistry CreditConnection?

How can CreditRegistry CreditConnection help me?

CreditRegistry is Nigeria’s pioneer and leading credit bureau operator since 2003. If you have ever been given credit or provided a service and allowed to pay later, this CreditConnection service is designed just for you!

CreditConnection helps you take control of your credit information, be smart about protecting your credit reputation, and become a savvy user of credit. We can also help you review your credit report to look for improvements.

Some of our services include:

  • • Securely provide you with your credit report instantly.
  • • Monitoring your credit history to ensure that your information is accurate.
  • • Alerting you to changes about information reported about you.
  • • Provide you with valuable information that will improve your creditworthiness.

Please note that CreditRegistry does NOT provide loans or credit.

Can CreditRegistry CreditConnection help me monitor my credit report?

Absolutely! CreditConnection empowers you to take control of your credit. You can purchase your credit report so that you can monitor your credit information and receive alerts about changes in your credit report. This allows you address delinquencies quickly or dispute and correct any erroneous information.

My Credit Report

What is a Credit Report?

Your Credit Report contains a history of your credit obligations and how you have performed or missed payments. It is created by CreditRegistry from information it has collected about you from banks, lenders and service providers to assess the type of credit risk you pose.

Just like you build your Curriculum Vitae (CV) with great work experiences, you want to build your Credit Report with great credit experiences. You want all former creditors and service providers to report positive information about your credit performance to CreditRegistry. Take care of your credit and it will take care of you.

How can I get my Credit Report? Is there a cost?

According to Nigeria’s Credit Reporting Act 2017, Credit Bureaus are permitted by law to collect information. Therefore, it is also permitted by law that every individual is entitled to one free copy of her credit report every 12 months. If you haven’t received your FREE credit report within the last 12 months, just click to sign up to receive it from CreditRegistry.

It is always a good idea to keep a close watch on your credit report. For that reason, CreditConnection enables you to view your credit report instantly and as often as you like. You will need to have a BVN and some identification details. Also, after your FREE annual credit report, there will be a nominal fee for additional credit reports. Your credit report will be available instantly.

What kind of information is in a Credit Report?

A Credit Report can include many things such as:

  • • profile information (i.e. name, phone, date of birth, BVN, address),
  • • number of loans reported by creditors,
  • • performance in terms of delinquency and write-offs,
  • • number of enquiries for credit,
  • • credit limits and account balances,
  • • length of time on bureau,
  • • non-financial data, etc.


What if I find wrong information on my credit report?

If you find inaccurate information in your credit report you have the right to dispute that information and have it corrected.

There are a few steps to file a dispute:

  • • Make sure your credit report is valid. Credit reports are valid for 30 days only.
  • • For outdated credit reports, order an updated report to confirm if the inaccurate information has been corrected.
  • • If you still find inaccurate information, you can use your dashboard in CreditConnection to dispute the inaccurate information.
  • • The service provider who reported the inaccurate information will be contacted to investigate and make corrections.
  • • CreditConnection will contact you immediately when your dispute has been resolved.
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