CRC Credit Bureau Limited (CRC) has been named the Best Credit Bureau in Nigeria for 2021 by Capital Finance International (CFI.co), a print journal and online resource reporting on business, economics and finance with its Headquarters in London, the United Kingdom.
Credit bureaus are information warehouses. They gather information about millions of consumers and sell that information to lenders and others who want to know about a customer’s borrowing behaviour.
These bureaus function as databases of information about potential customers applying for a line of credit. After collecting it, they use that information to create a credit score, which most lenders use as criteria for approving a line of credit. The raw data, before it is used to create a credit score, is known as credit reports. It is in this industry of credit profiling that CRC Credit Bureau Limited has excelled in Nigeria for 2021.
The CFI.co panel of judges stated in their report that “CRC Credit Bureau helps lenders make informed decisions with a nationwide repository of consumer and corporate credit information that covers more than 95 percent of the domestic credit industry.”
According to the judges, CRC has weathered COVID-19 with steely resolve, achieving returns on par with expectations and is anticipating continued improvement. The Bureau is grateful for lessons learned in 2020 and for the impetus to propel its digital transformation.
It now serves clients more through digital channels, which has created greater market access. CRC has become more data-focused with the ability to add value in multiple segments and drive markets with better products and stronger analytics.
The report highlighted CRC’s mission to make every individual living in Nigeria stay on top of their credit history through their various products/services and digital platforms that make access to credit information easier than ever. CRC has developed a range of membership products to assist credit-granting clients with the screening of prospective customers, investors, and employees.
Each year, CFI.co seeks out individuals and organisations in their various sectors of the economy who truly add value to stakeholders. Reporting from the frontlines of economic convergence, CFI.co realises that best practice is to be found throughout the world.
The Awards Programme aims to identify and reward excellence wherever it is found, in the hope to inspire others to further improve their performance. The Capital Finance International judges panel, review information generated from independent sources during the nomination process and draw on members’ expertise to identify candidates for award consideration.
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