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Written by CreditRegistry

What you should know about credit reports in Nigeria

Every day people wonder why credit reports are so important. Credit reports seem like something so strange and challenging to understand to a lot of Nigerians. It's like hearing something they have never encountered before. If you feel like this whenever you hear about credit reports, then this article is for you.

What is a credit report?

A credit report is like a map. It tells you where you are in your credit journey so you can make the right financial decisions before applying for a loan to help you open your new business, or buy that plot of land. A credit report is a summary of how you have handled credit accounts, including the types of accounts and your payment history, as well as certain other information that’s reported to credit bureaus by your lenders and creditors. Potential creditors and lenders use credit reports as part of their decision-making process to decide whether to extend you credit — and at what terms. For these reasons, it's important to check your credit reports regularly to ensure the information in them is accurate and complete.

Why do you need a credit report?

Securing credit usually involves a lot of scrutiny. Credit checks are common when you apply for loans or credit cards, but you may wonder what a credit check reveals about you. When lenders run credit checks, they are trying to assess what kind of borrower you will be, and going over your credit score and report can help them understand how you have historically managed credit. 

For lenders, though, checking your credit is not about being invasive or judgmental: They have to reduce their financial risk by verifying that your credit history and finances match up the requirements for the loan or credit card they are offering. 

You can put your best foot forward to help you secure the loan you want by scrutinizing your credit report from the lender's point of view, and this is why it is important to review your credit report at least once a year.

Where can you get a credit report in Nigeria?

Credit reports are so vital that the Nigerian law allows you to get a free copy of your credit report once every year. To get your credit report from CreditRegistry, click www.creditregistry.ng to proceed.·      

How can you make the most of credit report?

The first step is to review your credit report thoroughly. The sooner you’re aware of something affecting your credit, the sooner you can address it. Look for any information that is incorrect, such as paid debts that are listed as delinquent or accounts that you never opened. You can dispute these errors directly with CreditRegistry, Nigeria’s Largest credit bureau. Removing negative information is just one part of the process. You should also add positive information by improving as many areas of your credit report as you can.

The truth is, there are many factors impacting credit that you can tackle with awareness, self-discipline and personal responsibility. Ultimately, the key is to be responsible with credit which implies that you live within your means, regardless of the level of those means. So, take a close look at your financial situation, evaluate your earning and spending habits, and make the necessary adjustments to put yourself on responsible financial footing

That awareness and self-discipline can help you develop a healthy relationship with credit, and improve your credit report.

Article written by CreditRegistry

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