Understanding credit in Nigeria can feel confusing. Many Nigerians often ask the same important questions about their credit reports, BVN, and loans. In this blog, we will answer the most frequently asked questions in simple, clear terms. Our goal is to help you understand your options and take control of your financial future.
1. What does it mean if my BVN is blacklisted?
A BVN blacklist means lenders have flagged your details for unpaid debts. This can stop you from getting new loans. However, it does not mean your bank account is closed. You can still receive money and use your account. What changes is your ability to borrow.
Learn more: How to check if your BVN is blacklisted in Nigeria.
2. How do I remove my BVN from the blacklist in Nigeria?
The first step to finding out if your BVN is blacklisted is by checking your credit report. Every Nigerian has a credit history stored with the three registered credit bureaus in Nigeria. PebbleScore makes this simple by giving you access to your reports from all three bureaus in one place.
Once you know the reason for the blacklist, PebbleScore can help you fix it:
- Flexible loan repayment: Pay off your outstanding loans through PebbleScore by creating a payment plan that matches your situation.
- Dispute errors: If your report shows a loan you never took or an amount that is not correct, you can raise a dispute directly through PebbleScore. This ensures your records are updated.
- Update paid-off loans: Sometimes, even after paying, lenders fail to report correctly. We help you dispute and update your status to show the loan is cleared.
- Guidance to rebuild credit: Our AI-powered tools recommend steps to gradually repair your credit history and improve your score.
By resolving these issues step by step, you can get your BVN cleared from the blacklist and regain access to credit opportunities.
PebbleScore is here to make the process easier, fairer, and stress-free.
3. What is a closed account on my credit report?
A closed account simply means that a loan, credit card, or credit line has been fully paid or officially closed. Closed accounts remain on your report as part of your history. If the loan was repaid on time, this can even help your credit score.
4. Why does my credit report show a loan I never took?
Sometimes, loan inquiries or reporting errors can make it look like you took a loan you never did. This could be a mistake from the lender or credit bureau. PebbleScore allows you to raise disputes on such issues so they can be investigated and corrected.
5. Can paying off my loan quickly boost my score?
Not always. Paying loans is important, but your credit score also depends on other factors. For example, keeping old accounts open and avoiding too many new loan applications can also affect your score.
Learn more from our blog: Why paying off loans may not raise your score immediately.
6. How do I know if a lender is legitimate?
Legitimate lenders are usually registered with the Central Bank of Nigeria (CBN). You should always confirm this online before borrowing. Loan sharks often use threats and charge extreme interest. PebbleScore helps you understand your report so you know which lenders are reporting your activity.
7. Can PebbleScore help me improve my score?
Yes. PebbleScore makes it easy to see all your credit reports in one place, understand what’s affecting your score, and dispute errors. Our AI-powered system also gives you personalized tips to repair your credit and improve your score.
Final Thoughts
Credit issues can feel overwhelming, but you are not alone. PebbleScore is here to make things simpler, give you clarity, and guide you to solutions. Always check your credit report, learn from it, and act quickly when problems show up.