* From L-R : Manager, Media Relations, NDIC, Muhammadu Bello, the Chief Commercial Officer, CRC Credit Bureau, Mrs. Peggy Chukwuma-Nwosu,the Deputy Director /HOD ,External Affairs, Securities and Exchange Commission(SEC), Bagudu Muhammed, Head, Media Relations, NDIC, Hawwau Gambo, President, FiBOP, Mr. Charles Onwuatogwu(5th from left) and Head, Media Relations of SEC, Mrs. Joy Otubor, in a group photograph at the FiBOP 2023 Annual Conference held at Orchid Hotels, Lekki, Lagos.
Photo caption : From L-R : Manager, Media Relations, NDIC, Muhammadu Bello, the Chief Commercial Officer, CRC Credit Bureau, Mrs. Peggy Chukwuma-Nwosu,the Deputy Director /HOD ,External Affairs, Securities and Exchange Commission(SEC), Bagudu Muhammed, Head, Media Relations, NDIC, Hawwau Gambo, President, FiBOP, Mr. Charles Onwuatogwu(5th from left) and Head, Media Relations of SEC, Mrs. Joy Otubor, in a group photograph at the FiBOP 2023 Annual Conference held at Orchid Hotels, Lekki, Lagos.
…Says Debtors To Existing, Failed Banks Must Pay Back To Attract New Credits
The Group Managing Director/CEO of CRC Credit Bureau, Dr Ahmed ‘Tunde Popoola has said that credit defaulters to failed or acquired banks will not be able to access new credits unless they pay back the credits owed their former creditors.
This is just as he also said that credit defaulters cannot also obtain positive reports from rating agencies such as CRC Credit Bureau.
In his words, “There is no more lending in the dark”.
Popoola,who spoke at the 2023 Finance and Business Online Publishers (FiBOP) Conference held at Orchid Hotels in Lekki Lagos.
Popoola was represented at the conference by the Chief Commercial Officer of CRC Credit Bureau, Mrs. Peggy Chukwuma-Nwosu She stated that the bureau maintains a database of both positive and negative credit information and both for individuals and organisations.
Credit bureaus, she informed, are regulated by the Central Bank of Nigeria(CBN) and work in synergy with NDIC as well as other agencies.
Contributing to the theme of the conference, “Mitigating Risk and Insecurity Using Insurance and Technology in a Harsh Economy”, Chukwuma-Nwosu explained that the report on such individuals or organisations will be negative as long as they fail to meet up their obligations to their creditors.
According to her, “the bureaus maintain a database of loans and credit lines as submitted by creditors and these same institutions make use of credit information whenever they inquire about their customers’ credit behaviour under permissible purposes as outlined by the Credit Reporting Act 2017 and the Guidelines for the Licensing, Operations and Regulation of Credit Bureaus by the Central Bank of Nigeria 2013.
She maintained that all licensed lending institutions are mandated by law to furnish Credit Bureaus with information regarding their lending activities or operations,adding that other sectors of the economy have started seeing the value of the credit ecosystem and use it for their decision-making.
She also disclosed that in some cases where there are disputes, like when a debtor claims to have met up with his/her obligations and such is not reflected in their records or ratings, as CRC Credit Bureau will at minimal or no extra charges assist such clients in resolving the issues by reaching out to the lending institution that provided the information.
She said that in a situation where borrowers insist that they are no longer indebted and the lenders have a contrary view, the only remedy, she said, is for the borrowers to go and reconcile with their former creditors.
The data provider, she said at this stage will have to update the bureau on the current status of the loan or line of credit.
She also hinted that the concerned party can also contact the information provider to resolve any disputed area.
To buttress her point, Chukwuma-Nwosu gave an example of some bank defaulters, who were asked to bring their credit report by some foreign companies and universities that were denied loan credit lines.
This, she said, led to their denial of such golden opportunities.
Individuals, she said can also have access to their credit history by downloading the CRC Mobile App on Playstore and IOS Stores, for android and iPhone, to request for this.
“This helps them keep track of their creditworthiness and take steps to maintain excellent credit scores thereby making them attractive to lenders.Those who are in the habit of not paying their debts within a stipulated time frame given by their lenders are often classified as negative when compared to those who meet up with their obligations as at when due,” she said.
She further stated that when banks fail the information goes to NDIC and that the borrowers still have to pay as they are not discharged of their obligations.
Such defaulting customers, she declared, are often denied whenever they seek new credit.
Speaking further, she explained that when a person’s name is on the database of CRC Credit Bureau, it simply means the bureau has a comprehensive record or history of the persons borrowings and repayments to their creditors.
About The Author
