How to Know if your BVN is Blacklisted in Nigeria is not hard as people think it is. All you have to do is to follow me as i will be explain all you need to know about it and what to do below
Your Bank Verification Number, also known as a BVN, is 11 digits long and serves as your key to interacting with Nigeria’s monetary system.
The number is linked to your biometric information, which means that there is only ever going to be one for each Nigerian, and that number may be used to identify and safeguard any and all transactions carried out within the country.
Despite the significance of this number, it is possible for certain citizens to get in difficulty with it, either as a direct result of some of their acts or through no fault of their own; in either case, their BVN may be placed on a blacklist.
A BVN blacklist is a database of Nigerians who have engaged in some form of financial misdeed and are now considered to be high-risk individuals.
This designation might prevent them from obtaining a loan, securing employment, or even traveling outside of Nigeria. If a person’s name is on the blacklist, it almost always indicates that they have not been able to repay the loans that they have taken out.
However, in addition to these actions, a person’s name may also be placed on the no-fly list for other reasons.
Table of Contents
How to Know if your BVN is Blacklisted in Nigeria
Behaviors that can have you placed on the BVN blacklist in Nigeria:
If your a Loan defaulter
The most common reason that people find themselves on a blacklist is because they did not fulfill their obligation to make a repayment to their creditor within the allotted amount of time. Even if you make your repayment several days or weeks after the end of your term, it will have a negative impact on your credit score and may cause you to be placed on a blacklist.
Issuing Out a Dud cheque:
Issuing a dud cheque on your account can get you into trouble. It is possible for the police to arrest you and bring criminal charges against you in addition to having your name added to the BVN’s watchlist. It is a terrible idea to write a check when you are aware that it will be returned to you because your account does not have enough money in it.
Being a Guarantor for Someone who is a Loan defaulter
Being a loan guarantor for someone else who is unable to pay back their loans might have a bad impact on you as well. You, as the guarantor, run the risk of being held accountable for the debt, which would render you unable to obtain a loan until the debt is paid in full.
What are the Effects of BVN blacklist?
The repercussions of the BVN ban list are as follows
If your Bank Verification Number (BVN), which is possibly one of the most crucial financial papers in Nigeria, is lost or stolen, it might result in some very serious problems.
1. You will be Unable to acquire a loan:
Defaulters will be unable to obtain more credits if they are placed on the BVN blacklist, which is the most immediate consequence of being on the list. The majority of reputable financial institutions perform credit checks on prospective borrowers in order to determine their FICO score. During this process, individuals who have loans that are still owing are typically refused.
2. Unable to Secure a Jobs:
People with poor credit records are sometimes excluded from work opportunities because certain businesses verify the credit histories of prospective employees. This is especially true of banks and other financial organizations, who do not hire applicants with poor credit histories.
3. Inability to Travel Abroad:
As the requirements for obtaining a visa to travel to a foreign country become stricter, some embassies have begun including applicants’ credit histories as part of their background checks. If you have a significant amount of outstanding debt, your visa application might not be processed without hiccups until you clear your record.
4. Unable to secure certain Deals with the government:
In order to be eligible for certain government deals, such as a job with the Nigerian Intelligence Agency or even the CBN, applicants might be required to have a credit history that is free of any negative marks. To drive home the point, having your BVN is a bad idea and can prevent you from taking advantage of many opportunities. Even if you are already on the blacklist, there is a chance that you can get your name removed from the list.
How to Get your BVN Removed from the Blacklist by credit bureaus
Now you know what to do if your BVN is Blacklisted in Nigeria. Below are some steps to take on how to get your BVN removed from the blacklist by credit bureaus.
1. Request your credit report:
Any of the credit reporting organizations in Nigeria will gladly provide you with a free copy of your credit report upon request. We strongly suggest that you sign up for CreditConnection because their service is completely free and streamlined. You will be able to monitor your debts more effectively and identify the entities to which you owe money by obtaining a copy of your credit report. Be aware that loans from loansharks and other online loan apps may not appear here if they are not regulated in the appropriate manner.
2. Pay what you owe:
The next step in clearing your name from being reported as a defaulter is to pay up what you owe. Paying what you owe is the next step in the process. Make sure to get in touch with your lender if you find yourself in a difficult financial situation so that you may discuss other payment choices that can make it easier for you to pay back the loan. Find a method of repayment that is convenient for you and stick to it until you have paid off all of your financial obligations. In addition, you have the option of setting up automated payments on the due date so that you never miss a payment.
3. Clearance Certificate or a Letter Stating that There Are no Outstanding Debts
In the event that you are in possession of a clearance certificate or letter stating that you do not have any outstanding debts, you can submit the letter to a credit bureau for verification from your lender.
4. Contact Credit Bureau:
After you have paid off your debt, your lender is obligated to contact the credit bureau and update your records. However, due to the fact that the procedure is typically automated, this obligation is not always fulfilled.
You can, however, make a request to have your credit profile amended by contacting the credit bureau where you were previously listed.
You can accomplish this by getting in touch with the Bureau by either phone or email.
Helpdesk: https://helpdesk.creditreferencenigeria.net/ Email: email@example.com
Phone line: +234-807-209-0622
Your e-mail should include the following information: your full name, telephone number, bank verification number (BVN), gender, evidence of payment certificates, and clearance certificates (if any).
Do not be shy about following up with the Credit Bureau because this procedure could take anywhere from two to five working days to be concluded.
What are the List of licensed credit bureaus in Nigeria
A Credit Bureau is a commercial firm that is authorized by the CBN to maintain a database of people who have defaulted on their financial obligations by not paying off their debts within the allotted amount of time that was specified by their lender.
The websites of Nigeria’s three most prominent credit bureau firms that are authorized to conduct business there are listed below.
1.) CRC Bureau Credit Limited.
2.) CR Services Credit Bureau PLC.
3.) XDS Credit Bureau Limited.
You can acquire a free copy of your credit report from any of the three agencies listed above. The Central Bank of Nigeria (CBN) does not maintain a record of credit reports for Nigerians; instead, it contracts this activity out to various commercial organizations who, for a price, are able to display you your own credit report.
FAQs On How to Know if your BVN is Blacklisted in Nigeria
Below are Frequently Asked Questions On How to Know if your BVN is Blacklisted in Nigeria.
What does blacklisting of BVN mean?
It indicates that you will no longer be able to obtain a loan through regulated institutions, and the only other option available to you will be loan sharks, who will charge extraordinarily high interest rates. If your BVN is on a blacklist, it may hurt your chances of acquiring a good job and hinder your ability to travel outside of the country if a comprehensive background check is performed on you.
What steps may I take to remove myself from the blacklist?
In order to remove your name off the prohibited list, you will need to;
1. Obtain a copy of your credit report from a credit agency that is licensed by the CBN so that you are aware of exactly who you owe money to.
2. Pay your debt.
3. Ask your lender for a clearing certificate or a letter stating that you are no longer in debt.
4. Provide the proof that you need, then contact the credit bureau to ask that your name be cleared.
Is it possible to make changes to my BVN number online?
No, you cannot. Because it contains your biometric records, such as your fingerprints, your BVN cannot be modified in any way.
Could I have two BVNs, please?
NO, you cannot. Because it is tied to your biometric information, your BVN is the only number you need to have in order to be considered a citizen of Nigeria.
Is it true that your credit report will be clean after seven years have passed?
Your credit history cannot be changed in any way. After you have repaid your loan in full or obtained a debt forgiveness, only then will your debt be considered paid in full.
How much time does it take to get your name taken off the CRB blacklist?
After you have paid back your loan in full, you will be removed from the list immediately. You can also address any disagreement by sending them an email.
The process could take anywhere from two to five working days to be resolved, so do not be afraid to follow up with the Credit Bureau.
How are you able to tell whether your BVN has been placed on a blacklist?
Request a free copy of your credit report from any of the credit reporting companies in Nigeria to determine whether or not your Bank Verification Number (BVN) has been placed on a blacklist.
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