How To Know If Your BVN Is Blacklisted In Nigeria?
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How To Know If Your BVN Is Blacklisted In Nigeria?
Bank Verification Number (BVN) is a biometric technology designed by the Central Bank of Nigeria to reduce illegal banking transactions. It is a unique number that serves as customer identity to all his bank accounts.
Nigerians need to know if their BVN has been blacklisted or not because if their BVN has been blacklisted, it would have a lot of negative effects on them, such as preventing them from getting loans, jobs, and even traveling aboard.
This article will discuss how to know if your BVN is blacklisted, why your BVN can get blacklisted, and possible solutions to remove your BVN from the blacklist.
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How to know if my BVN is blacklisted or Not
There are several legit ways to check whether your BVN is blacklisted. They are;
- Via Credit Bureau of Nigeria
This is one of the ways to check if your BVN is blacklisted, simply by sending a request for your credit report to any of the Nigerian credit reporting agencies. Note you be charged for the service.
Credit Bureau of Nigeria is an institution/firm that collects and researches individual credit information. However, this information is made available to the creditors for a fee, so the creditors can decide on granting loans.
- Via online (CreditConnection)
This method is free and fast, unlike the credit reporting agencies that would charge you for the services.
The following step to check if your BVN is backlisted or not
- Visit www.creditconnection.creditregistry.ngInput your BVN.
- Input your mobile number used for BVN Registration.
- Enter the verification code sent to the registered number.
- Provide all your details.
Reason Why Your Bank Verification Number (BVN) Can Be Backlisted in Nigeria
There are several reasons why BVN is blacklisted. They are;
- Failure to pay your loan: This is the major reason why BVN is blacklisted in Nigeria. When you fail to pay your loan in the agreed due time, the loan agencies will send your BVN to the Credit Bureau for blacklisting.
- Fraudulent Act: When your details are hijacked by fraudsters and used to obtain a loan on your behalf, or illegal transaction activities are discovered, then your BVN is blacklisted.
- Guarantor to a loan defaulter: When a loan defaulter fails to pay, the guarantor is affected, and his details are sent to the Credit Bureau for blacklisting.
Possible Solution on How to Remove Your BVN From the Blacklist
- Pay your loan
This is the first thing to do to clear your BVN from the blacklist. If you have forgotten how much you owe, then you can send a request to any of the credit reporting agencies.
The agency would tell you why you are blacklisted, how much you owe and which loan institution you own. Contact the lender after receiving your credit report and discuss your best payment plan.
- Proof of payment
When you are done paying your debt, ensure you get the clearance statement or proof of payment, then send it to the credit bureau for verification.
- Contact credit bureau
After clearing your debt and sending proof of payment to the credit bureau, ensure the lender contacts the credit bureau to update your financial records.
However, it takes up to five business days for your application to be verified and updated and your BVN removed from the blacklist.
What is the Impact of BVN Blacklisting?
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There are some consequences you get to suffer due to your BVN being blacklisted.
- Reduce your chances of securing a job
You might wonder how possible it is, but yes, it is true. A reputable company would always run a background check on you before hiring you. So, if your BVN is blacklisted, it might affect your chances of securing the job.
- Chances of traveling abroad might be affected.
BVN is always required to process a visa, so if your BVN is blacklisted, your visa application will be denied.
- Reduce your credit score
Some lenders run a background check on you to verify if you have good credit before lending you money. When your BVN is blacklisted, most lenders would deny your loan request.
FAQs
What happens when your BVN gets blacklisted?
It makes it difficult for you to obtain loans in the future and also affects your chances of getting a good job or government deals.
Can someone have two BVNs?
No, a customer is only allowed to enroll for BVN once.
Can I change my BVN number?
No, you can’t change your BVN number.
Is it possible for BVN to be Blocked?
Yes, it is possible; CBN has the authority to block your BVN if any illegal transaction is done with your BVN
Conclusion: How To Know If Your BVN Is Blacklisted In Nigeria
When your BVN is blacklisted, it makes it very difficult to perform a financial transaction, which is why it is important to abstain from any reason that would make your BVN blacklisted.
Follow the procedure in this article to know if your BVN has been blacklisted, why it was blacklisted, and how to remove your BVN from the blacklist.
I hope you got a lot of helpful information from this article; please share and leave your comments.
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