I was scammed with my BVN. Will it affect my credit report?

In Nigeria today, financial scams are increasing, and among the scariest lines one hears is: "They used my BVN!" You just discovered that your Bank Verification Number (BVN) was fraudulently used for a scam, and naturally, you would panic. However, one of the biggest worries many victims fear is whether this will damage their credit report.

Let's clear this up.

What is a BVN, and why is it important?
Your BVN (Bank Verification Number) is a unique 11-digit number issued by the Central Bank of Nigeria (CBN) to every bank customer. It links all your bank accounts and is used to verify your identity across all Nigerian banks. It doesn't contain sensitive financial information like passwords or PINs, but it's critical because it confirms your identity in the banking system.

Can someone use my BVN to get a loan?
Your BVN can't be used to withdraw cash or access your account by itself. If scammers obtain your BVN together with other information like your phone number, date of birth, or even NIN, they can attempt to open a loan account or perform fraudulent transactions in your name.

Certain scam loan apps and illicit financial platforms never employ proper KYC (Know Your Customer) procedures and may issue loans on stolen identities. If that is the situation, the loan can be traced to your BVN.

How does this affect your credit report?
Nigeria has a working credit report system. If someone uses your name to take a loan and doesn't pay it back, it can spoil your credit record.
That means:

• You may be marked for a loan that you never received.
• Your credit score may decrease.
• You could be blacklisted from receiving genuine loans.
  This is terrible if you are borrowing loans, applying for a mortgage, or even seeking employment that involves financial screening.

What should you do?
If you believe your BVN has been hacked and used to borrow loans:

• Notify Your Bank(s): Inform all your banks right away. Ask them to monitor your accounts for suspicious activity.
• Go to the Nearest Police Station. Report it officially. This is for documentation purposes as well as to clear your name later.
• Contact the credit bureaus to get your credit report
• Correct unauthorized loan listings.
• Notify the CBN or NIBSS: Inform the Nigeria Inter-Bank Settlement System (NIBSS) via your bank or directly to investigate the abuse of your BVN.
• Do not post your BVN or personal details on social media or unverified websites.

Can my credit report be repaired?
Yes, but it may take time. Once you've reported the issue and provided evidence (such as police reports or official complaints), the credit bureau will investigate. Once your claim is verified, they will correct or remove the fraudulent information from your report.
Being scammed is stressful enough, and worse when it is something as private as your BVN. While your BVN alone is not enough to steal your money, it can be fraudulently used in a manner that will affect your financial reputation.

Protecting your identity is no less important than protecting your bank account.
The first step to tackling any issue is checking your credit score on Scorewise. Download Scorewise on the App Store or Play Store.