Discover How to Check if Your BVN is Blacklisted in Nigeria
Your Bank Verification Number (BVN) is a unique 11-digit number assigned to every bank account holder in Nigeria. It serves as a crucial tool to curb and monitor financial crimes, fraud, and theft, as mandated by the Central Bank of Nigeria. Each individual is permitted to have only one BVN, and it is linked to all their bank accounts. Whenever you open a new bank account, it is automatically associated with your existing BVN.
The rise of loan apps has made it easier for individuals to access quick loans without collateral or extensive paperwork. These apps typically offer short-term loans with manageable interest rates, ranging from 3 to 9 months repayment period. However, some borrowers fail to repay their loans within the agreed timeframe, and in extreme cases, they may take loans from multiple apps without repaying any.
It is essential to be aware that defaulting on loan payments can lead to reporting your non-payment to credit bureaus in Nigeria. As a consequence, your BVN may be blacklisted, impacting your access to financial services and potentially hindering your ability to open new accounts or secure loans in the future.
In this informative post, we will guide you on “How to Check if Your BVN is Blacklisted in Nigeria” and provide additional valuable insights. Don’t forget to leave your thoughts in the comments section and share this essential information with your friends on social media.
Let’s delve into the details!
What does it mean to get your BVN blacklisted?
When your BVN is blacklisted, it means that it has been red flagged and reported to other financial institutions. The Credit bureau of Nigeria is the body that is responsible for blacklisting your BVN.
What happens when your BVN is blacklisted?
You might think that it’s not a big deal to get your BVN blacklisted, but you should know that this can prevent you from getting loans in the future.
This can mean that if in the future you ever need a loan, probably for a business or for any other reason, your BVN being blacklisted might prevent you from getting it.
Also, many loan apps won’t grant you a loan if they see that your BVN has been blacklisted.
What can cause my BVN to be blacklisted?
The following are some of the reason why your BVN may have been blacklisted:
Loan Repayment defaulting
Your BVN can be blacklisted if you are reported to the Credit bureau by two or more financial institutions after you fail to pay back your loan.
If you are of the habit of taking loans from apps without the intention of paying back, then you should not be surprised if your BVN is blacklisted.
Fraud
If you are found to be associated in any form of fraud, it can lead to your BVN getting blacklisted. For example, if your bank account is used to receive stolen funds, it can lead to your BVN getting blacklisted.
You should know that banks always monitor transactions that go in and out of your account to detect any foul play and report it to the appropriate authorities.
Issuing a Bounced Cheque
Another reason that can get your BVN blacklisted is issuing a cheque which bounces. If you issue a cheque to someone with the knowledge that the amount of money in your account cannot cover it, then you should not be surprised if your BVN is blacklisted, especially if you have done it more than once or twice.
How to know if your BVN is blacklisted in Nigeria?
If you want to know if your BVN has been blacklisted, you will need to get a credit report from the credit bureau. From this credit report, you can know your credit history and be able to tell if your BVN has been blacklisted.
You can get a credit report in Nigeria via the following:
- Visit the website of a licensed credit bureau website
- Dial the CRC Credit bureau USSD code
Visit the website of a licensed credit bureau website
You can get a credit report by visiting the website of a licensed credit bureau in Nigeria:
- https://creditregistry.ng
- Crccreditbureau.com
- Firstcentralcreditbureau.com
Dial the CRC Credit bureau USSD code
You can also get a free credit report by dialing the USSD code *556*8#
How to remove your BVN from blacklist?
You can remove your BVN from the blacklist by repaying the loan you owe or by taking up the case, if you feel you were wrongly reported to the credit bureau.
About the credit Bureau?
Read my post on how to apply for GTbank quick credit loan
The credit bureau is a private company with a license by the central bank of Nigeria (CBN) to keep a database of loan defaulters in Nigeria.
Frequently asked questions (FAQs)
What happens when my BVN is blacklisted?
This can mean that if in the future you ever need a loan, probably for a business or for any other reason, your BVN being blacklisted might prevent you from getting it.
How to remove your BVN from blacklist?
You can remove your BVN from the blacklist by repaying the loan you owe or by taking up the case, if you feel you were wrongly reported to the credit bureau.
How to know if your BVN has been blacklisted?
If you can no longer get loans, then it is likely that your BVN has been blacklisted. You will need to get a credit report from the credit bureau. From this credit report, you can know your credit history and be able to tell if your BVN has been blacklisted.
Summary
I hope that I have been able to help you with the above on how to check if your BVN has been blacklisted. If you need further information or you have something to add, then don’t hesitate to leave us a comment or visit our contact us page and we will get back to you as soon as we possibly can.
Conclusion
Thank you for reading my post on How to know if your BVN is blacklisted in Nigeria? If you have any question or comment, you can leave it below in the comment section below.
Remember to share with your friends on social media and also subscribe to this blog for more banking and finance updates.
Thank you once again
Be the first to comment