What every borrower should know

getting-a-loanConsumer credit enables you to maintain and potentially enjoy a more comfortable lifestyle. For example, if you need a big screen TV, a washing machine or an air conditioner in your household but you do not have all the money to purchase everything at once, consumer credit enables you to purchase and use all of these items now while you pay back the loan over a period of time, such as 6, 12 or even 24 months.

However, as a responsible borrower, you must manage the amount of debt you take on. It is vitally important, before seeking a loan, to have a steady job or a reliable source of income to enable you to pay back the loan.

Therefore, as a borrower, you have an obligation to repay credit extended to you. Please keep the following in mind to ensure that you meet your credit obligations and can continue to enjoy the quality-of-life benefits of consumer credit for years to come.

Do not over-borrow. That is, do not borrow beyond your ability to repay. For example, if your residual monthly income after you account for all expenses (rent, food, entertainment, savings, etc.) is N50,000, then you cannot afford to take on additional loans that would require you to pay back more than N50,000 per month.  In fact, lenders will require you not to exceed a certain level of repayment because they know that you have living expenses for rent, food, medical, clothes, etc.

If you lose your main source of income (your job) and you cannot afford to make your regular loan payments, you should promptly let your creditors know so that they may work out alternate payment plans for you.

Each loan you receive will be based partly on your residual income or ability to pay back the loan, as well as your creditworthiness. If there is no record of you having obtained and properly managed credit before then your first loan may be small. However, by paying back a small loan on schedule and never being late with a payment, you will dramatically improve your creditworthiness so you can soon obtain larger loans.

If you do not pay back your loan on schedule it hurts the lender who gave you the credit. As a result, you will also hurt your own credit score. A lower credit score means lenders will be less likely to extend credit to you. Therefore, failure to make your loan payments as and when due will impair your creditworthiness and your ability to purchase on credit. It is up to you to manage your credit wisely so that you may achieve and maintain lifestyle that good consumer credit enables you to have.


To help you manage your credit wisely, it would be important to know what the lenders know about your credit history. One of the first steps would be to have access to your credit report and review what the report states about your credit history.

To order your personal or business credit report, please click here to download our Self Order Form along with instructions on how to order your credit report from CreditRegistry Services.

Who we are

CR Services (Credit Bureau) Plc provides a cutting-edge approach to credit and risk management. By applying biometric technology and our industry-leading information and education programs to help lenders and retailers manage risk and increase revenue, we provide every tool to get the job done. Our products and services include credit reporting that enables creditors, employers, landlords, insurers, etc. to make credit opportunities available to consumers and small businesses.

  • First private credit bureau operator in Nigeria (Incorporated in Nigeria in January 2003)
  • First fully operational credit bureau in Nigeria (Bureau service commenced in December 2003)
  • First credit bureau in the world to integrate anti-fraud and biometric technologies into a credit bureau system
  • First credit bureau to record 100% coverage of commercial banking industry in Nigeria
  • First to introduce credit bureau scores into the Nigerian market
  • Largest credit bureau database of over 30 million recordsand still growing
  • Widest member coverage by industry

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