CRC Credit Bureau has said it is making lending easier for financial institutions who have automated their lending applications via an Application Program Interface (API).
According to the credit bureau, with CRC’s API, lenders and other credit granters would continue to grant loans and post-paid services via an automated process by accessing its robust database of over 33 million credit profiles.
A statement from the company explained that the solution enables swift informed lending decisions by obtaining quick access to prospective and repeat borrowers credit information in seconds.
It noted that with the current restriction of movement, prospective borrowers are no longer able to physically visit their banks or other lending institutions to apply for loans to take care of their personal needs or finance their businesses.
“This has made the online mediums or electronic channels the most favouable method of initiating credit requests and other banking transactions, e.g. mobile apps, internet banking, USSD codes etc.
“With CRC Credit Bureau’s API Solutions, lenders can still carry out their credit transactions efficiently and effectively during and post Covid-19,” the statement added.
According to the Managing Director/CEO of CRC Credit Bureau Limited, Mr. ‘Tunde Popoola, during such crisis and economic upheaval, what usually happens is that Lenders become more risk averse.
“But with the CRC API Solution, lenders can continue to grant loans to prospective borrowers without lending in the dark. Borrowers can have continued access to finance for various purposes, and still enjoy a good standard of living,” he explained.
He said lenders could have access to the company’s API solution in easy steps. These it listed to include request for the API Integration kit, test and go live.
“CRC Credit Bureau provides a nationwide repository on credit profiles of corporate entities as well as consumers, thus improving the ability of credit providers and borrowers to make informed lending and borrowing decisions.
“The bureau’s database covers the credit industry which includes commercial banks, non-bank institutions, retailers, utility service providers and fintech,” he added.