Credit reports can be difficult to understand, but they are very important. Many Nigerians struggle with questions about how loans, payments, and BVN issues affect their financial life. This guide will answer the most common credit questions, giving you clarity and confidence.
1. Why is my credit score going down even after I pay debts?
A drop in score can happen if you apply for many loans at once, close old accounts, or if negative history stays on your report. Paying debts is great, but your score also looks at your history and patterns.
Read more: The hidden cost of too many loan applications in Nigeria.
2. Will my bank account linked to BVN still work if I am blacklisted?
Yes, your bank account will still work for deposits, withdrawals, and transfers. Blacklisting only affects your access to new loans and credit facilities, not your ability to use your account.
3. Can loan apps really withdraw money from my BVN-linked accounts?
No, loan sharks cannot withdraw from all accounts just because of your BVN. They can only debit the specific account or card you gave them permission to access when signing loan terms. Your BVN only links accounts for identification, not for access.
Related Blog: How to protect your BVN from loan fraud.
4. What is the difference between obtaining a credit report and raising a dispute?
When you buy a credit report, you are paying to view your full history from the credit bureaus. Raising a dispute is a separate process where you correct errors. They are different services, but both are important for fixing your score.
5. How Do I obtain my bank details from my lenders to create a payment plan on PebbleScore?
To obtain your lender’s bank details , we recommend you directly contact your lenders via their official email addresses or customer service phone numbers to obtain these details. You can access your lenders email and customer care from a simple google search.
6. How do I negotiate a new payment plan with the loan apps I owe? I can’t make payment as before due to my current financial situation.
We strongly recommend that you continue to service your loans, even if only in small amounts. Making consistent payments, no matter how small, demonstrates a commitment to repayment. This dedication may encourage your lenders to be more flexible and willing to discuss a revised payment plan with you in the future. It can also help prevent your account from being flagged for more severe delinquency.
7. How can I avoid loan fraud and fake lenders?
Always confirm if a lender is registered with the Central Bank of Nigeria (CBN), has a clear physical address and contacts, transparent loan terms, and no harassment tactics. You can also read reviews online to confirm their reputation.
If a lender threatens you, charges unrealistic interest, or shares your contacts, that is a red flag. Stick to safe, registered lenders.
Final Thoughts
Credit reports may seem complex, but understanding them is the first step to financial freedom. At PebbleScore, we believe everyone deserves clear answers, not confusion. With the right knowledge, you can avoid mistakes, solve problems, and build a better future.