Your Bank Verification Number (BVN) is more than a banking requirement. In Nigeria today, it plays a major role in financial identity and credit history. Unfortunately, many people do not know that their BVN can also be misused. If it falls into the wrong hands, someone could take loans in your name without your knowledge.
This kind of fraud is growing. As lenders expand digital loan access, criminals are also finding ways to exploit weaknesses. When this happens, you may only realize it when you try to borrow and get rejected. By then, your credit report could already be affected.
How your BVN is used in Nigeria
The BVN links all your bank accounts together. Lenders use it to confirm identity and check your credit history across bureaus. Because of this, your BVN gives them insight into your borrowing patterns and repayment behavior.
This system improves trust in lending. However, it also creates risk. If fraudsters obtain your BVN, they may attempt to use it to access loans. Once approved, those loans appear under your profile.
The dangers of BVN-related loan fraud
Loan fraud through BVN misuse comes with serious consequences:
- Damaged credit report: Unpaid fraudulent loans may show up as defaults.
- Blocked opportunities: Genuine lenders may refuse your applications.
- Emotional stress: Many victims spend months trying to resolve disputes.
Sadly, resolving BVN-related fraud can take time. While the Central Bank of Nigeria and credit bureaus provide channels to report, prevention is always easier than repair.
How to protect your BVN and credit report
The good news is that you can reduce risks. Here are practical steps:
- Never share your BVN carelessly. Avoid giving it out to unverified individuals.
- Monitor your credit report often. This allows you to spot suspicious activity quickly.
- Report strange activity immediately. If you see loans you didn’t take, contact the lender and the bureau by raising a dispute on Pebblescore.
At PebbleScore, we make this process simple. You can check your records from all Nigerian credit bureaus in one dashboard. This means you no longer have to guess or wait until damage is done.
Read our guide on how to understand your credit report
Why regular monitoring matters
Your credit history is like your financial reputation. If someone else damages it, you may lose access to opportunities you deserve. Regular checks give you peace of mind. They also empower you to act before small issues become big problems.
Final thoughts
Your BVN is a key part of your financial identity. It deserves the same protection as your ATM PIN or online banking password. By being cautious and checking your credit report regularly, you take control of your financial future.
PebbleScore is here to help. With access to simplified reports across all Nigerian bureaus, we make it easier for you to protect your BVN, understand your history, and build a stronger financial future. Don’t wait till it’s too late, Start monitoring and protecting your BVN today.
Good day all,
Trust this mail finds you well.
I sent a mail to you that someone used my BVN for illegally transactions, it was used to obtain loan without my consent, since then you organization promised to respond to this for further advice or assistance till now no response.
I believe this little mail can go a long way to address this issue.
Your response will be highly appreciated.
Thanks
Ojeyemi Oladipupo
Hello Oladipupo,
Thank you for reaching out and for your patience. We truly understand how worrying it can be to see loans linked to your BVN that you did not take.
Here’s how to proceed:
Report the unauthorized activity immediately to the Nigeria Data Protection Commission (NDPC) and the Central Bank of Nigeria (CBN) through your bank. These agencies are responsible for investigating cases of identity misuse.
If your BVN was compromised, please visit your bank to secure your account and BVN details to prevent further misuse.
Once you have done this, you can then, Raise a dispute directly on PebbleScore — we’ll forward your dispute to the registered credit bureaus for verification and correction.