CRC Credit bureau introduces USSD code to check credit reports

CRC Credit Bureau Limited has introduced a mobile credit check which enables customers to use a specific unstructured supplementary service data (USSD) code – *565*8# to access their credit reports.

This innovative service, in partnership with MTN Nigeria, Nigeria lnterbank Settlement (NIBSS) and VAS2Nets, provides an alternative medium for individuals and merchants to have easy access to a summary of their credit reports via their mobile phones.

CRC says the new development is in line its mission “to deliver innovative products and services that enable stakeholders to build credible profiles that enhance access to credit for strategic growth” and promote financial inclusion.

Tunde Ahmed Popoola, managing director/CEO of the company, said, the new innovation which is introduced for the first time in Nigeria, is a quick and easy way for people to carry out credit checks on their mobile phones.

A statement released by the company reveals that this service is currently available to MTN subscribers only. With Mobile credit checks your credit history is at your fingertips. Simply dial *565*8# on your mobile phone to get your credit report in an instant.

“Effective financial and credit management requires a complete understanding of an individual’s overall financial and loan status by constantly monitoring the various accounts and balances. It also involves the ability to accurately assess and promptly address errors apparent.
Consumers, now have the power in their hands to act swiftly and positively position themselves to improve access to finance and buy products on credit.

Speaking further, Popoola said that registered merchants or business entities alike can also grow business volumes and increase sales revenues by instantly knowing which customers can enjoy consumer products to pay later by dialing *565*8*3# and reviewing their customers’ credit worthiness. This not only gives them a competitive advantage but also builds customer loyalty and retention.

CRC Credit Bureau Limited currently warehouses credit transactions and payment histories of individuals and companies in Nigeria in excess of 15 million records provided by about 1,300 institutions.

In addition to credit information, CRC also compiles public data, statutory and identity information as well as dishonored cheque information of individuals and organisations. This enables banks and creditors generally to have access to accurate and comprehensive data which empowers them to make quick, fair, responsible and informed decisions with confidence.

CRC says its objective is to improve access to credit for consumers and small businesses through credible information management which lenders can use to appraise credit applicants. Numerous institutions submit data to CRC and access her platform to take informed decisions. They include all banks in Nigeria, utility companies, insurance companies, cooperative societies, leasing and asset management companies, pharmaceuticals, retailers, auto dealers, human resource recruitment and real estate firms.

Jumoke Akiyode Lawanson