CRC Credit Bureau Limited was incorporated in June 2006 and licensed as Credit Reference Company in 2009 (started operations in the same year). The Company was set up in a bid to improve loan application process and transparency in the country. It was established by eleven leading financial institutions in Nigeria and the globally revered firm in provision of commercial data - Dun & Bradstreet. It also has the backing of International Finance Corporation (IFC) and Accenture, on consultancy basis. CRC boasts of a robust technology, best practices and over 170 years wealth of experience from Dun & Bradstreet in rendering its services. Currently, the company covers members from twenty-three (23) states in Nigeria.
CRC Credit Bureau is an independent Company that provides a large database of information about the way corporate organizations and individuals borrow, and repay money. This type of information is called credit information, and is usually used by loan providers to decide who to lend money.
We are a leading credit bureau company in Nigeria and we gather information from different sources, both financial and non-financial institutions. Any organization that lends people money, or engages in any form of ‘buy now, pay later’ service can be our member, and from them, we get information about how people borrow and repay loans. That means our members can include commercial banks like Access bank, First Bank, or Guaranty Trust Bank. It can also include microfinance banks, local credit societies, supermarkets, telecommunications providers, etc. All of these members have customers in the 36 states of Nigeria, and they provide their information to us.
Access to our credit information database gives the institutions that give out loans, the ability to assess if a new person applying for a loan is a suitable candidate, or if one of their existing customers can get their loans renewed.
Products and Services at CRC Credit Bureau
- Credit Information Reports (CIRs): This is a report which contains the demographic/ company details, details of previous and current addresses, identification information, details of existing loan and their corresponding payment history, past inquiries made on or by the subject, details of cheques dishonored and an overview of current and potential liabilities for individual and corporate subject/entity. For any lender to make informed credit decisions about a loan applicant, it is important to carry out a credit check as part of the loan eligibility appraisal process. This helps provide useful information on past and or existing credit behavior and performance of such applicant where available, furthermore, it provides insight into any potential risk that may be inherent in the subject’s current loan application.
- Self Enquiry Report Service: This gives individuals and corporate organizations opportunity to access their respective CIR for self assessment as a means of proactively monitoring their Credit Information Details as available at CRC Credit Bureau with a view to correct and address any unfavorable post at it come up.
- Portfolio Monitoring Review: Is a service targeted only at data providing members of CRC for the purpose of enabling them proactively review and monitor the credit performance of their loan customers relative to the performance of such customers for loans held at other lending institutions. This service also provides a snapshot of a lending institution’s loan portfolio performance relative to the performance on equivalent loan types in the financial sector.
- Batch Processing Service: In view of aiding our members save cost and maximize resource utilization, this service enables the generation of CIRs en-mass from a batch list of our members’ existing or prospective customer details from 1000 records and above.
- CRC Prospecta: The Prospecta is a marketing tool for institutions to seek new customers or businesses. It contains targeted information that will be useful for a company to advertise their services to the public.
- CRC Financial Education Centre: The financial education centre is set up to conduct trainings for courses relating to credit risk. These trainings are designed for Banks, Microfinance Banks, other financial institutions and also non-bank institutions.