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, which is why each Nigerian only has one number, and the number is utilized to track and secure each transaction conducted within the country. However significant this number is, some could encounter issues with their number because of their conduct or due to the fault of others, and the BVN could be blocklisted.
A BVN blocklist is a 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 employment, loan, or even travel to other countries. If someone’s name is on the blocklist, it typically signifies that they’ve defaulted in the repayment of their loans. However, other things could land a person on the blocklist, too.
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Actions that could land one on the BVN blocklist in Nigeria
The default of a loan: The most popular reason for people to be on the blocklist is that they have yet to pay their creditors 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 block list.
Doing a dud check: Issuing a dud cheque to your account could put you in trouble. It will not only put you on the BVN blocklist, but it could also be a reason to have you detained and prosecuted by police. If you issue a check, you are sure it will bounce because an insufficient balance is a terrible decision.
Guarantor status to the defaulter: Standing as a guarantor to someone who cannot pay back their loan can impact you. As the guarantor, you could be held accountable and secure a loan only once they have paid the outstanding.
The effects of the BVN blocklist
Your BVN is possibly an extremely significant financial document 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 on the BVN blocklist is that those who default cannot obtain more credit. Most reputable lenders run checks on their prospective customers’ backgrounds to check their credit scores. The lender will typically reject People with outstanding loans during this process.
Ineligible for jobs: Some employers check prospective employees’ credit history, but in particular, banks and financial institutions do not hire those with unfavorable credit as candidates.
Unable to travel internationally: As getting a 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 once you get your credit score cleared.
In a position to not secure specific 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 eliminate any name on the list, even when you’re on it.
Steps to get rid of your BVN from the credit bureau’s blocklist
Get your credit report: You can request your free credit report through one of the agencies for credit reports located in Nigeria. We suggest you use CreditConnectionwhich service is entirely free and seamless. A credit report will let you know which organizations you owe to and keep track of your loan. Be aware that loans from lendersharks and other loan services on the web can only show up when they’re regulated.
Pay your debtThe next step in removing your name from being reported as a defaulter is to pay the amount you owe. If you’re facing financial hardship, contact your loan provider to inquire about options for payment that 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 to avoid missing charges.
Clearing certificate/letter of no-debt If you have a non-debt letter or a clearance certificate that you can 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 must contact the credit bureau and correct your credit report. However, it is sometimes challenging to accomplish this 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 contacting the Bureau by email or phone.
Your email should contain the following information: your full name, your phone number (Phone), the Bank Verification Number (BVN), and your 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 feel free to contact the Credit Bureau.
list of approved credit agencies in Nigeria
The Credit Bureau is a private firm that the CBN has authorized to maintain an inventory of those who have yet to pay their debts within a predetermined period set by their lenders. The following are the three major credit bureaus 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 Nigerian credit reports; however, it outsources it to private firms that will provide you with your credit report for a small fee.
What does blocklisting BVN refer to?
That means you will only be eligible for a loan from any of the regulated institutions or loan sharks if they are known to charge high-interest rates. When your BVN is listed as blocklisted, this can affect the chances of getting an excellent job and traveling abroad if a thorough background investigation is conducted. How can I stop myself from being blocklisted?
To get rid of the blocklist, you’ll be required to
1. Get your credit report from a CBN-certified credit bureau to determine 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 and fingerprints, so it can’t be changed. Do I need to have two BVNs?
No, you cannot because your biometric details protect your BVN 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 blocklist?
You will be removed automatically 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 make sure to get them. Credit Bureau. How can you tell when your BVN is blocklisted?
Check whether your BVN is blocklisted by asking for your credit report free through any credit bureaus in Nigeria.