If you have been rejected by two or more Credit Bureau companies, and you don’t know the reason for it, well, it might be the case that your BVN has been flagged.
What does it mean when BVN is blacklisted? The overview is that your BVN account has been flagged by the Central Bank or Credit Bureau Association because you have defaulted or your account has been used for fraudulent acts.
In such a case, the account might not be able to receive or transfer funds. However, if the problem you are having is rejection from Credit Bureau companies, you might have to confirm if your BVN has been blacklisted.
Most questions people ask are, how can I know if I am blacklisted and why am I blacklisted?
Take a glass of water as you continue reading, it’s good for your health.
Why Your BVN Can Be Blacklisted?
The Central Bank or Credit Bureau companies cannot just witch hunt your account because of personal reasons. Before having your account entering the black book, you must have done something that is against the law of the agency(s).
Some of the common cases are;
- Default: Borrowing loans can be very easy and smooth. Repayment for some is always demanding and unwilling. In fact, some would have to be called, dragged, and even disturbed before honouring their loans. With this kind of activity with two or more loan companies, your BVN would gradually be on the watch list. That’s because you would be tagged as someone unworthy of loans. If you don’t want your BVN on that list, avoid defaulting loans when it’s time for repayment.
- Placed Under Debt Review: Owning two or three loan companies can make your BVN temporarily blacklisted. Until the debts are paid, you might not be able to leave the list.
- Association With Fraud: If your account is linked to a fraudulent act, you might have to be cleared by the law enforcement agency or court before your BVN would be functional. Receiving funds under investigation could be a pointer that you are involved in a fraudulent act, that can automatically affect your BVN.
- Guarantor To Defaulter: Sometimes, you might not be directly involved in owning a loan company or a bank, but your association with that person as a guarantor can affect your account.
There might be other reasons the Credit Bureau Association of Nigeria and Central Bank can put your account under the blacklist.
Some might even be ignorant that their account has been blacklisted by the Credit Bureau, check the ways to know if you have been blacklisted.
How To Know If Your BVN Has Been Blacklisted
The Credit Bureau has a network that connects the body. It’s impossible to think you can default on Credit Bureau A, and jump to Credit Bureau B and C to take a loan.
They have a network that makes them track every BVN that comes to them for a loan. So, before granting a loan to any individual they check other companies’ reviews about you to know if you would pay their loan or if you are planning to run away with it.
The best way is to use the registered Credit Bureau portal in Nigeria. There are several of them, and they mostly function the same way. The procedure is very easy, and the outcome is detailed.
Follow these steps to know your stand.
CRC Bureau Limited, Credit Connection Nigeria, and First Central Credit Bureau are the most known Credit companies in Nigeria.
All you have to do is sign up with the company and you would have access to use their portal.
You would be required to drop your BVN number, and other information about you to be able to sign up for your account.
You will get a verification SMS on your phone for verification. After that, you can proceed to check your credit report on their portal.
Another way to know is to approach your bank to know the status of your BVN. Mostly, when the blacklisting comes from association with fraudulent acts, your bank would be in the best position to inform you of the status of your BVN.
It could be very awkward being rejected by loan companies while requesting loans or banks trying to contact you because of an unknown transaction. As a Nigerian, you are entitled to know your credit report.
It’s better to be informed and do the right thing than to be left in the dark.