CRC credit bureau to empower utility consumers to access loans

In furtherance of its determination to expand credit information services beyond the financial sector, the MD/CEO of CRC Credit Bureau, ‘Tunde Popoola, attended the Southern Africa Revenue Protection Association (SARPA) Nigeria Branch meeting held at the Presidential Hotel, Port Harcourt on Thursday 18^th of June 2015.

This event, which was held for the purpose of building awareness of revenue protection for utility service providers, was organized by SARPA in collaboration with Port Harcourt Electricity Distribution Company (PHED), who is already signed up to check credit information on the Bureau’s database.

Electricity Distribution Companies that become members of CRC Credit Bureau will have access to a large repository of credit information, and this is vital in assessing their post-paid and pre-paid customers for post-paid services.

What that means is that Nigerians who default on their electricity bill will be flagged on the Bureau’s database, and new customers can be vetted before services are delivered to them. DISCOs will be able to identify high risk individuals and share information of defaulters with other institutions on the CRC platform.

It is going to be a good day for regular users of electricity, who also can now begin to use payment of their electricity bills to build their credit history. As long as a customer pays their bills promptly, they can use this to demonstrate that if they are given a loan, they can pay back as planned.

As a foremost credit bureau with membership strength spanning across various industries in Nigeria, CRC makes lending decision easier and faster for institutions providing ‘buy now, pay later’ services, and also assist borrowers in keeping up with their financial information.