Credit defaulters, whether of failed or acquired banks will find it difficult to access new credits unless they cleared their names with their former creditors to obtain positive report from rating agencies.
The hint was dropped by the Group Managing Director of CRC Credit Bureau, Dr Ahmed Tunde Popoola at the 2023 Finance and Business Online Publishers (FiBOP) Conference held ,weekend, at Orchid Hotels in Lekki Lagos over the weekend.
Popoola who was represented at the event by the Head, Strategic Marketing and Communications of CRC Credit Bureau, Mrs Peggy Chukwuma – Nwosu said the bureau in synergy with the Central bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation, NDIC has laid ambush for all credit defaulters found in this category as they seek to access new credits .
In her contribution to the conference theme : Mitigating Risk and insecurity using insurance and Technology in a harsh economy, Mrs 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 bureau will write a negative report about them whenever their new creditors inquire about their credit behaviour or standing, insisting that the only remedy is for the defaulters to go and reconcile with their former creditors by clearing their old bills, before they will be given a clean bill of health.
While maintaining that all licensed lending institutions are mandated by law to furnish Credit Bureaus with information regarding their lending activities or operations, Mrs. Chukwuma – Nwosu noted that in a situation,where there is dispute as to the status or rating of an individual or institutions, such can be resolved.
The concerned party either reaches out to the information provider to resolve any disputed area or contacting the bureau to state the facts with evidence.
She equally revealed 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, 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.
Citing example of some bank defaulters who were asked to bring their credit report by some foreign companies and universities, Peggy said it was end of the road for the defaulters as they were indicted in their report leading to their denial of such golden opportunities. She said the bureau has a blacklist database that indicates defaulters who haven’t paid up their debts within a stipulated time frame given by their lenders.
She further stated that when banks failed, the defaulters usually think that they have gone scot free because these banks no longer send debt recovery teams to trouble them. Such customers, she declared are under the watchful eyes of the bureau whenever they seek new credit, to issue a negative report against them.
She explained further that When a person’s name is on a blacklist, it simply means the person has defaulted in payment to their creditor(s).
Furthermore, blacklist is associated with default which is normally referred to as negative information in the credit bureau, she said.
