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How To Clear My Name From Credit Bureau In Nigeria?
Read my post on how to clear my name from credit bureau in Nigeria.
The credit bureau is an agency that gathers account information from various creditors and provides that information to a customer reporting agency. While a credit report is a record of the borrower’s credit history from several sources such as banks, credit card companies, and loan apps.
Most reputable financial agencies always check the credit bureau to enquire about the borrower’s credit score to determine if they are defaulters or not. Someone with a low credit score or a defaulter can’t obtain a loan from banks or loans agency.
Hence, if you have defaulted on any loan repayment and you would like to clear your name from the credit bureau, then you are in the post. This article will discuss how to clear your name from Credit Bureau in Nigeria.
How To Clear My Name From Credit Bureau In Nigeria
Below are the steps on how to clear my name from Credit Bureau in Nigeria.
Pay your debt
This is the first step to clearing your name from the credit bureau database. Even though you might have forgotten how much you owe, you can send a request to any of the credit reporting agencies.
The agency would tell you how much you owe and which loan institution you own. After that contact the lender to discuss a repayment plan and choose a payment plan that will work best for you.
Proof of payment
When you have completely cleared off your debt, ensure the lender issues you a clearance certificate/ Letter of non-indebtedness. This would serve as evidence that you have paid your debt.
Contact Credit Bureau
This is the last step in clearing your name from the credit bureau. After paying your debt, forward the proof of payment or letter of non-indebtedness to the credit bureau. And also ensure the lender notifies the credit bureau to update your financial records.
However, this process might take up to five business days for your application to be verified and updated and your name cleared from the Credit Bureau.
Reasons Why Your Name Can Be Backlisted By Credit Bureau Nigeria
The following are several reasons why your name was blacklisted by the credit bureau.
Failure to pay your debt
This is the main reason why most defaulter names are blacklisted in Nigeria. When you fail to pay your loan by the agreed due date, the loan agencies notify the Credit Bureau and send your details for blacklisting.
When your details are stolen and used by fraudsters to obtain a loan from the bank or any loan agencies on your behalf, or illegal transaction activities are discovered, then your details are 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.
How long does your name stay on the credit bureau?
Most negative information about your name stays on credit reports for 7 years except you pay your debt and clear your name from the credit bureau.
Can you clear your name after being blacklisted?
Yes, simply by paying your debit and forwarding proof of payment to the credit bureau.
Can loan apps block BVN?
No loan apps have the power to block BVN, only the Central Bank of Nigeria has the authority to block your BVN. The loan app can only notify the Credit Bureau to blacklist your BVN.
Conclusion: How To Clear My Name From Credit Bureau In Nigeria?
if your name is blacklisted by the Credit bureau, it makes it very difficult to perform financial transactions or obtain a loan from different loan agencies. Hence, it is important to abstain from any reason that would lead to your name being blacklisted.
Thank you for reading this post and we hope you got a lot of useful information on how to clear your name from a credit bureau in Nigeria.Follow us on social media