Your 11-digit bank Verification Number (BVN) is the key to your identity when you connect to Nigeria’s financial infrastructure.
The number is tied to your biometric information that is why each Nigerian only has one number and the number is utilized to track and secure each transaction that is conducted within the country. However important this number is, there are some who could encounter issues with their number because of their conduct or due to the fault of others the BVN could be blacklisted.
An BVN blacklist is an listing that contains Nigerians who have been found guilty of financial crimes and are classified as high-risk persons which can hinder their application for an employment, loan or even travel to other countries. If someone’s name is in the blacklist it typically signifies that they’ve defaulted in the repayment of their loans. However, there are other things that could land a person on the blacklist, too.
actions that could land one in the BVN blacklist in Nigeria
The default of a loan:The most popular reason for people to be in the blacklist because they have not paid their creditor within the agreed time frame. Even if you make repayments in a few days or weeks after the time has passed this will adversely affect your credit score and could cause you to be placed on the blacklist.
Doing a dud check: Issuing a dud cheque to your account could put you in trouble. It will not only put yourself in the BVN blacklist, it could be a reason to have you detained and prosecuted by police. If you issue a check that you are sure will bounce because of insufficient balance is a terrible decision.
Guarantor status to the defaulter:Standing as a guarantor to someone who is not able to pay back their loan can have an impact on you. As the guarantor, you could be held accountable and in a position of being cannot secure an loan until they have paid the outstanding.
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The effects from BVN blacklist
Your BVN is possibly an extremely significant financial documents that you can get in Nigeria and, if compromised, it can cause a lot of negative consequences.
In a position to not secure the loans: The most immediate result of being placed in the BVN blacklist is that those who default are not able to obtain more credit. The majority of reputable lenders run checks on the background of their prospective customers to check their score on credit. People with outstanding loans typically will be rejected by the lender during this process.
Ineligible for jobs:Some employers do check the credit history of prospective employees, but in particular, banks and financial institutions do not take those with negative credit as candidates to hire.
Unable to travel internationally: As getting visa for travel is becoming increasingly stringent Some embassies are now including credit history as a part of the background checks. If you’re heavily indebted, your visa application may be a challenge until you get your credit score cleared.
In a position to not secure certain government contracts certain government contracts such as a job in CBN, the Nigerian Intelligence Agency or even the CBN could need applicants with a flawless credit report. The point is that having a BVN is not good and could hinder your chances of getting a job. However, there is an option to get rid of any name that is on the list, even when you’re in it.
Steps to get rid of your BVN from the credit bureau’s blacklist
Get your report on credit: You can request your free credit report through one of the agencies for credit report located in Nigeria. We suggest you use CreditConnectionwhich’s service is completely free and seamless. A credit report will let you know which organizations you owe to and to keep track of your loan. Be aware that loans from lendersharks and other loan services on the web could not show up when they’re not regulated.
Pay your debtThe next step in removing your name of being reported as defaulter is to pay the amount you owe. If you’re facing financial hardship Make sure to contact your loan provider to inquire about options for payment which can help you pay off the loan. Select a plan of payment that works best for you, and then follow-up until you pay off your debt. You can also make automatic payments for the due date in order to avoid missing payments.
clearing certificate/letter of no-debt If you’re in possession of a non-debt letter or a clearance certificate that you are able to forward, you may forward it to the credit bureau to verify with your lending institution.
Contact Credit Bureau Once you have cleared your debt your lender is obliged to get in touch with the credit bureau and correct your credit report, however it is sometimes difficult to get this accomplished since the process is typically automated.
You can contact the credit bureau with which you are listed to have your credit profile changed. This is done by contact the Bureau by email or phone.
Helpdesk: https://helpdesk.creditreferencenigeria.net/
Phone number: +234-807-209-0622
Your email should contain the following information: your full name, your phone number (Phone), the Bank Verification number (BVN) and gender. the proof of payment and clearance certificates (if there are any).
The process could take between 2 and 5 working days to resolve so don’t be afraid to contact you with the Credit Bureau.
list of approved credit agencies in Nigeria
The Credit Bureau is a private firm that has been authorized to the CBN to maintain an inventory of those who haven’t paid their debts within a predetermined time period set to them by their lenders. The following are the three major credit bureaus that are licensed for operation within Nigeria and their official website.
You can request a free credit report by contacting any of these. The CBN doesn’t keep a log of credit reports for Nigerians however it outsources it to private firms who will provide you with your credit report for a small fee.
FAQ
What does blacklisting BVN refer to?
That means you won’t eligible for an loan from any of the regulated institutions or loan sharks, unless they are known to charge high-interest rates. When your BVN is listed as blacklisted this can affect the chances of getting an excellent job and travelling abroad in the event that a thorough background investigation is conducted on you.How can I stop myself of being blacklisted?
To get rid of the black list , you’ll be required to
1. Get your credit report from an CBN certified credit bureau in order to find out who you owe.
2. Pay your debt.
3. Request a certificate of clearance or non-indebtedness from the lender.
4. Contact the Credit Bureau with proof and ask that your name be cleared.Do I have the ability to change my BVN number on the internet?
No, you cannot. Your BVN includes your biometric information including your fingerprints , so it can’t be changed.Do I need to have two BVN?
NO, you cannot. Because your BVN is protected by your biometric details and is only one number for each Nigerian citizen.Are you sure it is true that, after seven years, your credit report is cleared?
Your credit history is indefinite. the debt can only be cleared once you have paid off your loan or get an agreement to forgive your debt.How long will it take to get removed from the CRB blacklist?
You will be removed automatically the when you’ve repaid the loan. It is also possible to contact them via email to settle any dispute This process can take between 2 and 5 working days to resolve, so don’t delay in contacting them. Credit Bureau.How can you tell when your BVN is blacklisted?
Find out whether check if your BVN is blacklisted by asking for your credit report absolutely free through any credit bureaus in Nigeria.
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