CreditRegistry Reveals Reasons for Loan Application Rejections

CreditRegistry, a Nigerian credit bureau, outlines reasons for loan application rejections in Nigeria. Lenders assess applications using credit reports that include outstanding balances, repayment history, and identifying details.

While these reports inform decisions, they do not solely determine outcomes. Factors influencing refusals include existing debts, repayment records, and the lender's own requirements.

For instance, a borrower may have a good repayment history but substantial monthly repayments, while another may have sufficient income but an incorrect credit report showing unpaid loans. CreditRegistry advises applicants to inquire about the reasons for refusals and which credit bureau was consulted.

FairMoney states that it updates credit-bureau records within five working days after a loan is fully repaid and closed, excluding weekends and public holidays. Customers whose records remain unchanged should send a recent credit report to FairMoney's support team, highlighting the importance of ensuring accurate credit information.