Your credit report is like a financial report card. It shows how well (or poorly) you handle money — and it plays a big role in whether you get approved for loans, credit cards, or even housing.
- What is a credit report? It’s a record of your loan history, repayments, missed payments, and outstanding debts. Lenders use it to decide if you’re trustworthy with money.
- Why it matters: Banks, microfinance institutions, and even employers may check your credit report before giving you a loan or opportunity. A good report = higher chances of approval and better interest rates.
- You can check yours for free. In Nigeria, you’re entitled to one free credit report per year from CRC Credit Bureau or FirstCentral. Visit their websites or customer service platforms to request it.
- Fix mistakes quickly. Errors like incorrect balances, late payments you didn’t make, or loans that aren’t yours can hurt your score. Dispute wrong entries immediately.
- No history is also a problem. If you’ve never taken credit before, your report may be blank — making it hard for lenders to assess you. Consider starting with a secured credit card or small digital loan to build a profile.
- Check regularly. Don’t wait until a rejection to review your credit. Make it a yearly habit — or more often if you’re actively borrowing.
👉 Your credit report is your financial reputation. Monitor it, fix errors, and build a clean history – because your future opportunities depend on it.