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
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.
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 include:
Business services include:
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.
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:
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:
This tool helps to general credit histories, public records, guarantor details and business directorship on individuals and businesses.
It can help subscribers:
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.
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.
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.
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.
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:
This tool contains detailed reports on the demographic, credit, public, financial, business directorship and guarantor history of companies and individuals.
It helps subscribers:
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.
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.
This tool generates the demographic and financial information of directors of target companies.
It provides easy access to loans and enables quick decisions making.
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.
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:
Like all other credit bureaus, FirstCentral credit bureau has characteristics that some might consider to be disadvantages. These include:
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