How to Read and Understand Your Nigerian Credit Report

Your credit report is a detailed record of your borrowing history, and understanding it is essential if you want to manage your financial reputation. In Nigeria, credit reports are provided by licensed credit bureaus and each report outlines how lenders view you, which can be the difference between a loan approval or rejection.

When you receive your credit report, you'll usually see key sections: personal details, credit summary, account information, and public records. The credit summary shows the number of accounts you have, their status (active, closed, delinquent), and your current score range. This is often what lenders scan first.

Next, your account history breaks down each loan you've taken, i.e who lent you money, how much, when, and whether you've been paying on time. Any late payments, defaults, or loans sent to collections will appear here. This section can also reflect things like Buy Now, Pay Later purchases and mobile app loans.

If you spot errors like loans you didn't take or wrong statuses, you have the right to dispute them with the credit bureau. It's your responsibility to review your report often and check for accuracy.

Understanding your report empowers you to fix issues early, track your progress, and build a better score. If you need help accessing your credit report or figuring out what your score is, Scorewise helps you track your credit score. The platform is designed by leading fintech innovator Tendar, and is available on the App Store or Google Play Store.