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FirstCentral Credit Bureau – 2023 Review

FirstCrentral Credit Bureau

Recap

FirstCentral Credit Bureau, Nigeria’s first independent credit bureau authorized by the Central Bank of Nigeria, plays a pivotal role in maintaining consumer and corporate credit data. They offer a range of services, including personal services like Dud cheque reports, X-score consumer detailed reports, and consumer trace reports, as well as business services like commercial detailed reports and Quarterly portfolio reports. These services help in various ways, from skip tracing to assessing a consumer’s ability to repay debts. Despite its strong reputation with over 1 billion records, some customers find FirstCentral’s fees high and their processes complex compared to other bureaus

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    FirstCentral Credit Bureau, Nigeria’s first and only independent credit bureau, is an institution authorised by the Central Bank of Nigeria to maintain a consumer and corporate credit bureau in Nigeria.

    A credit bureau is an organisation that collects and collates credit information on individuals and businesses with the main purpose of creating credit reports and scores.

    FirstCentral Credit Bureau is the first licensed credit bureau under the laws of the Federal Republic of Nigeria, and it is one of the three major credit bureaus in Nigeria.

    The large subscriber base created by FirstCentral credit bureau helps the institution collate and maintain the credit histories of individuals and businesses with the aim of delivering proper customer-centric service.

    Services Offered

    A major function of the FirstCentral Credit Bureau is the compilation of credit reports for individuals and businesses.

    This credit report contains detailed information on your credit history and, most importantly, your overall credit score.

    FirstCentral Credit Bureau also offers credit monitoring services. This ensures that the credit reports and scores are regularly updated and are accurate representations of the customer’s history at any particular point of inquiry.

    FirstCentral Credit Bureau services are grouped into two categories:

            • Personal services

            • Business services

    Personal services include:

            • Dud cheque report

            • X-score consumer detailed report

            • Consumer trace report

            • Consumer detailed report

            • Snap check

            • Consumer basic report

            • Portfolio monitoring review (PMR)

            • iRemedy

    Business services include:

            • Commercial basic report

            • Quarterly portfolio report

            • Commercial detailed report

            • Batch report

            • Commercial Dishonoured cheque report

            • Directorship detailed report

    Dud cheque report

    This tool, also known as FirstCentral Credit Bureau Dishonoured Cheque Report (DCR), allows consumers to investigate the frequency at which a customer issues dud cheques.

    It can also be used as a verifications tool to confirm if a customer is being honest with account details. It provides enquiry input details, demographic information, and dud cheque details with other financial institutions.

    X-score consumer detailed report

    This tool generates a score for individuals and businesses that is equivalent to the FicoScore, VantageScore, CreditRegistry and CRC Credit registry score.

    It uses FirstCentral’s analytic tools to generate this score, which is a representation of a customer’s risk level that can help creditors make speedy and informed credit decisions.

    X-Score also outlines the demographic history, financial history, guarantor history, enquiry history and a two-year repayment history grid for individuals and businesses.

    It provides:

            • A unique credit score that can be used across all sectors

            • Minimised cost on specially tailored scorecards in the market

            • Easy and straightforward risk assessment

            • Available 24/7

    Consumer trace report

    This tool helps with skip tracing. It holds details of customers, which can be used to trace and authenticate an individual’s location in the case of a change in personal information such as an address, telephone number and email address.

    It can help with:

            • Past and present address verification

            • Easy debt recovery

            • Effortless tracing for delinquent customers

    Consumer detailed report

    This tool helps to general credit histories, public records, guarantor details and business directorship on individuals and businesses.

    It can help subscribers:

            • Reduce the occurrence of bad debts

            • Approach payment problems the right way

            • Authenticate and verify details of customers

            • Get full credit exposure for customers with repayment affordability

    Snap check

    This FirstCredit Bureau Credit Nigeria tool allows a quick enquiry into the credit history of customers.

    It can display the demographic history, credit account summary, and dishonoured cheque information of the selected individuals.

    Consumer basic report

    This service helps subscribers to accurately access a consumer’s ability to repay debts on a long-term and short-term basis.

    It effectively helps to minimise the risks creditors take while extending credit to customers. The basic consumer report shows the demographic history, credit classification, debts, and existing credit facilities of individuals or businesses.

    Portfolio monitoring review (PMR)

    This tool gives subscribers an overview of portfolio performance over a specific period.

    It shows the historical credit value and the performance charts of the portfolio subscribers.

    iRemedy

    This is a platform that enables subscribers, who may be financial or non-financial institutions, to generate and edit reports with a marker-checker system.

    It can also check the status of operations and monitor the progress on the platform.

    Quarterly portfolio report

    This FirstCentral Credit Bureau tool is a bulk report tool that helps subscribers to determine customers’ financial situation.

    It can generate monthly or quarterly reports of risk exposure and opportunities for existing customers in specified portfolios.

    The quarterly portfolio report tool increases the efficiency of credit facilities as it can effectively determine the current exposure of all previous facilities granted. It can provide an executive summary, statistical overview, dashboard, report by geography/industry sector/credit, and outstanding balances.

    It can help:

            • Improve credit approval times

            • Reduce turnaround time in credit processes

            • Optimise the credit approval process

    Commercial detailed report

    This tool contains detailed reports on the demographic, credit, public, financial, business directorship and guarantor history of companies and individuals.

    It helps subscribers:

            • Approach payment problems the right way

            • Face customers directly with director information and company structure

            • Comprehend credit exposure to determine repayment affordability

    Batch report

    This tool generates performance information for a specified group of individuals.

    It enables subscribers to know the risk exposure of a particular range of customers in excel spreadsheet form.

    Commercial Dishonoured cheque report

    A commercial version of the Dud cheque report as it allows institutions to investigate the frequency at which a customer issues dud cheques.

    It can also be used as a verification tool to confirm if a customer is being honest with account details. It provides enquiry input details, demographic information, and dud cheque details with other financial institutions.

    Directorship detailed report

    This tool generates the demographic and financial information of directors of target companies.

    It provides easy access to loans and enables quick decisions making.

    Commercial basic report

    A commercial version of the basic report as it helps subscribers to accurately access an organisation’s ability to repay debts on a long-term and short-term basis.

    It effectively helps to minimise the risks creditors take while extending financial services to organisations. The basic commercial report shows the demographic history, credit classification, debts, and existing credit facilities of individuals or businesses.

    Advantages of FirstCentral Credit Bureau

    FirstCentral Credit Bureau Nigeria has an established credit system and is arguably one of the best credit bureaus in Nigeria. Some of its advantages include:

            • Customer-centric and user-friendly credit reports and scores

            • FirstCentral Credit Bureau’s credit monitoring service can help individuals and businesses detect and prevent fraud with world-class technological tools

            • FirstCentral Credit Bureau has a 3000+ strong subscriber base with over 1 billion records in Nigeria from banks, credit houses, giving it a very strong reputation in the market

    Disadvantages of FirstCentral Credit Bureau

    Like all other credit bureaus, FirstCentral credit bureau has characteristics that some might consider to be disadvantages. These include:

          • Some customers may find FirstCentral Credit Bureau’s fees to be high

          • FirstCentral Credit Bureau’s customer service may not always meet the expectations of all customers

          • Some customers might consider FirstCentrals’s credit processes complicated as compared to other credit bureaus

    • Can I get a loan from FirstCentral Credit Bureau?

      No, you cannot get a loan from FirstCentral. FirstCentral is a credit bureau that creates and maintains credit reports. These reports assist lenders and creditors in making better credit decisions. You can, however, check your credit score with FirstCentral.
    • Can I get a free credit score check from FirstCentral Credit Bureau?

      To receive a free credit score check from FirstCentral, you must first have subscribed to FirstCentral Credit Bureau services or have a history with lenders and creditors that have submitted your details to FirstCentral. With your subscription, you can receive free checks once every month.
      Without a subscription, you will receive a “no record match with the data you supplied” if you apply for a free credit score check with FirstCentral Credit Bureau.
    • How do I contact FirstCentral Credit Bureau?

      Visit FirstCentral Credit Bureau limited head office at 3737A Raymond Njoku Street, Ikoyi, Lagos, Nigeria or the Abuja branch at 1 Rima Street, Maitama, Abuja, Nigeria. You can also call FirstCentral customer care at +234 817 837 7643 and +234 909 114 1981. Alternatively, you can send a message to [email protected].
    • How did my details end up at FirstCentral Credit Bureau?

      If you actively use credit facilities and engage in business with lenders and retailers, your details might end up at FirstCentral. This is because these credit-providing institutions supply credit data to FirstCentral to help determine the creditworthiness of individuals.
    • How can I take up a dispute with FirstCentral Credit Bureau?

      You can visit the FirstCentral credit bureau website at www.firstcentralcreditbureau.com to fill out the new dispute resolution form. You can also call 09-8748470 or send an email to [email protected].

      FirstCentral will attend to and resolve your dispute within ten working days. To launch a dispute, you will need:
      – Personal details (Name, address, date of birth)
      – Means of identification (Driver’s license, international passport, National ID)
      – Phone number
      – Bank Verification Number (BVN)
      – Email address
      – Bank in dispute
      – Account Number
      – Nature of dispute
      – Supporting documents

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