How to Clear Your Name from Nigeria's Credit Bureau Blacklist

Being blacklisted by a credit bureau in Nigeria can be devastating. It can limit your access to loans, mortgages, and career opportunities. If you've managed to get yourself on this list, don't worry, there are clear steps you can take to rectify this and regain your creditworthiness.

What does it mean to be blacklisted?
Nigerian credit bureaus monitor people's credit conduct. When a borrower defaults on a loan or cannot fulfill repayment terms, the lending institution informs the credit bureaus, and your name could be added to a "blacklist."

How long does negative information remain on your report?
A negative report can stay on your credit file for up to 6 years if you don't take action. However, once a debt has been settled and evidence has been provided, the listing has to be marked as "Paid" or deleted entirely, depending on the situation.

How to clear your name

Check your credit report. Start by obtaining your credit report. You can get one on the Scorewise app.
Read through your report to identify, which institution reported you, the amount, default date, errors or outdated information, and also verify that the report is correct.
Sometimes, people are blacklisted due to errors like paid loans not updated, incorrect identity or identity theft, as well as incorrect amounts.

TIPS: If you find any erroneous data, file a dispute with the credit bureau. They can investigate and correct necessary errors.

Settle outstanding debts
If the information is accurate and you owe the debt, contact the creditor (bank, microfinance, or lender) and settle it. You can:

• Pay the amount in full.
• Negotiate and agree on a settlement fee.
• Enter into a repayment agreement.
• Ensure you get a receipt or written confirmation when you pay.

Ask for a clearance letter.
Once you have paid your debt, ask the creditor to send you a clearance letter. This is an acknowledgment that your debt has been paid or settled.

Send proof to the credit bureau.
Forward a copy of the clearance letter and payment receipts to the respective credit bureau. You can also use the bureau's online portal or email to upload documents and track progress.

Follow Up
This one is a must. Credit bureaus may have many requests. Check regularly to ensure the update is made. Once cleared, verify to be sure.

Getting your name off Nigeria's credit bureau blacklist is not random, it requires effort and documentation. You can check your credit score regularly on the Scorewise app, and to avoid issues by downloading Scorewise on the Apple Store or Play Store.