My Loan App is Threatening Me. Will it Affect My Credit Score?

Getting threats from a loan app can be stressful, especially when you're unsure how it affects your credit or what your rights are. In Nigeria, where digital lending is rapidly growing, borrowers often face aggressive tactics from unregulated loan platforms. But do threats from a loan app actually harm your credit score? Let’s break it down.

Understanding How Credit Scores Work in Nigeria

Credit scores in Nigeria are managed by licensed credit bureaus like CreditRegistry, CRC Credit Bureau, and First Central. These organizations collect data from financial institutions to assess how well individuals manage credit.

Scorewise, developed by Tendar, uses data from these bureaus and enhances it with additional behavioral insights to give users a clear picture of their credit health. Credit scores are based on your borrowing and repayment behaviour, not on what a loan app says or threatens.

Can Loan App Threats Damage Your Credit Score?

No, a threat from a loan app alone cannot affect your credit score. Your score is only impacted by actual credit activity that’s reported to a licensed credit bureau. For example, if you miss a repayment deadline or default on a loan, that can lower your score. However, if a loan app sends messages, makes phone calls, or harasses you without reporting a missed payment, your score remains unaffected.

Late or missed payments can hurt your score, and keeping too many unpaid or active loans at once. If you default or leave a balance unpaid, credit bureaus will reflect this in your report. On the other hand, simply receiving phone calls, messages, or threats, without any official report of non-payment - does not harm your credit score.

Is It Legal for Loan Apps to Harass Borrowers?

Under Nigerian law and the Federal Competition and Consumer Protection Commission (FCCPC) regulations, harassment by loan apps is not permitted. Loan apps are not allowed to call or message your friends or colleagues, use threatening language, or post your personal information online. These practices are illegal, and apps that engage in them risk fines, suspension, or being shut down entirely.

What You Should Do If a Loan App Threatens You

If you're being harassed, the most important thing is to stay calm. Most of these threats are intimidation tactics and aren’t backed by any legal action. Document everything; take screenshots, save messages, and record calls if possible. Report the app to the necessary regulatory body. You should also check your credit report using Scorewise or a licensed bureau to see if any false reports were submitted about you. Finally, avoid borrowing from unregulated or unlicensed apps going forward.

Protecting Your Credit Score Going Forward

To protect your credit standing, only borrow from registered loan apps. Always repay loans on or before their due dates. If you're having trouble, contact the lender early to discuss a repayment plan. And most importantly, monitor your credit score regularly using Scorewise so you can catch any changes or errors in time.

While the threats from loan apps can feel overwhelming, they do not directly affect your credit score in Nigeria. What truly matters is how and when you repay your loans. If you’re being harassed, take action, stay informed, and use trusted platforms like Scorewise to protect and manage your financial health.

To stay updated on your credit score, you can constantly check by downloading Scorewise on the on Apple store or playstore to see where you stand, and how to improve it.