If you want to be cleared and have your name removed after being blacklisted by a loan app, either in Nigeria or elsewhere, then this article is for you. If you have borrowed instant cash from different loan apps in Nigeria and you fail to pay back as when due, the regulatory authorities make it possible for lending companies to report your name as a loan defaulter to the credit bureau with veritable evidence. If your name is confirmed and you are blacklisted, you may be denied loan access from any online loan app or financial institution in Nigeria in the future.
You may be new to loan apps borrowing in Nigeria and may be asking the question: How Do You Get Removed After Being Blacklisted By A Loan App?
The simple answer to this is just pay your debt. The easiest way to clear your BVN from the blacklist is to approach the financial institution or lending platform to whom you are owing money and settle your debt with them. Another means of removing your BVN from the blacklist is by going into debt counseling. If you fail to pay your debt, you may not be able to access loans anymore in the future.
What does it Mean to be blacklisted by a Loan App?
A blacklist is a database that indicates defaulters who haven’t paid up their debts within a stipulated time frame given by their lender. When a person’s name is on a blacklist, it simply means the person has defaulted in the payment to their creditor. A blacklist is associated with the details of the default which is normally referred to as negative information in the credit bureau.
What Is Contained in Nigerian Credit Bureau Databases?
Licensed Credit Bureau databases in Nigeria contain names of people and entities who have been blacklisted after defaulting on their loan repayment terms. It also contains information about individuals and companies with their financial credit history as long as they have accessed any credit facillity or acquited any financial product or service on credit in the past and currently.
The credit information in your profile in the Credit Bureau can either be positive or negative depending on how and when you pay back your loans or postpaid services. Your name can also be added to the credit database after being blacklisted by a loan app In Nigeria.
What Does It Mean To Have A Negative Record With The Credit Bureau?
To have a negative record implies that institutions and credit grantors you may approach will deny you credit because you have a negative report on your credit profile. You may therefore not be able to meet your short or long-term loan needs and you may be only able to access credit facilities from private lenders at a very high interest rate because you are categorized as high-risk. You may also be denied employment opportunities if the judgment was taken against you.
If you have been reported with negative information after being blacklisted by a loan app in Nigeria or by any financial institution for that matter and have paid the debt for which you were listed, you may contact your lender to provide this update to the credit bureau or apply to the credit bureau yourself and request for your credit record to be updated. This requires the lender or credit grantor to provide this update to the bureau to enable them remove your name from the credit bureau database. As you take credit facilities or lines, you build a history of performance.
How To Remove Your name from Blacklisted list in Nigeria
Below are steps on how to clear your name from a Negative Profile After being blacklisted by a loan app or financial institution
1. Pay your debt
The first step to clearing your name from being reported as a defaulter is to pay up what you owe. If you are in a financially difficult situation, ensure you contact your lender to discuss payment options that could ease the burden of paying the loan. Choose a payment plan that will work best for you and follow up until you settle your debt. You can also set up automatic payments on the due date to avoid missing a payment.
2. Get Clearance certificate or letter of non-indebtedness
Should you have a clearance certificate/letter of non-indebtedness, you can forward the letter to the credit bureau for verification from your lender.
3. Contact the Credit Bureau
After a borrower has paid off his/her debt, it is legally obliged of the credit providers to notify the credit bureau that the borrower has paid off his/her debt and request for the borrower’s credit profile to be updated to the current status.
However, you may apply to the credit bureau where you were listed to have your credit profile updated. This can be done by contacting the Bureau via phone/email.
Phone line: +234-807-209-0622
Your email should carry the following details; your Full Name, Phone Number, Bank Verification Number (BVN), gender, evidence of payment, and Clearance certificates (if any).
This process might take 2-5 working days to be resolved so do not hesitate to follow up with the Credit Bureau.
Individuals and companies with positive information in their credit files are every lender or credit grantor’s dream customer, as you are attractive to onboard for their credit products and services. This means you have a history of paying back on or before the due date.
The majority of companies and financial institutions assess their risks on the basis of information provided by the Credit Bureau. If any negative information appears in an applicant’s Credit Report, it is highly improbable that finance will be approved.
This shows how important it is to check your credit reports every year. Your Credit Report provides valuable information about your credit history and behavior. You are entitled to one free credit report every year so take advantage of that opportunity and step into the world of financial freedom.
Need to know more about your Credit History? Download the CRC Mobile App on all Android and iOS Devices today.
The simplest way to clear your BVN from Credit Bureau blacklist and have your name removed from their database is to approach the financial institution or lending platform to whom you are owing money and settle your debt with them immediately. If you are unable to pay off debts, your name will be flagged by the credit bureau, and kept in their blacklist; and it will be very difficult for you to get any loan in the future.