Lenders to Reduce Risks with Introduction of Credit Scores in Nigeria

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Bennett Oghifo

The CRC Score, powered by the Fair Isaac Corporation (FICO), is now available in Nigeria for lenders and individuals.

The CRC Score is a statistical number that defines how risky it is for lenders to do business with an individual. It is generated using data from the individual’s credit history detailed in their Credit Report. 

The CRC Score is a three-digit number that indicates if your status is; excellent, good, fair or poor, and the score ranges from 300-850, with 300 being the lowest score and 850 the highest.

It was developed in collaboration with FICO, an American company with over 50 years of experience in data and analytics, according to a statement by Managing Director/CEO of CRC Credit Bureau, Tunde Popoola.

He said, “Credit Scoring is a method of allocating scores to customers, to determine their level of risk in extending them loans or credit facilities. Credit Scores help lenders make quick and informed credit decisions on whom to extend credit facilities or loans to.

“As a lender, the CRC Score can be used to profile and make quick lending decisions on new and existing credit customers to know their level of risk prior to approving their loan or post-paid product applications.

“As an individual, the CRC Score is a number that shows the level of risk associated with doing business with you or the quality of your credit status. Your CRC score can encourage or discourage credit providers at the point of making credit decisions on your application.”

Popoola said the CRC Score was easily accessible to everyone and that it could be bought via the CRC Credit Bureau website for just N400.00. “Individuals can pay for and obtain their credit score online.”

He said CRC score could be retrieved from their website by registering and making a request, adding that it would be “delivered to your email address in a few minutes. Knowing your CRC Score, makes you better prepared before applying for a loan and is the first step in taking control of your financial reputation.”