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How to Remove Your BVN from Credit Bureau Blacklist in Nigeria

How to Remove Your BVN from Credit Bureau Blacklist in Nigeria

In Nigeria, our Bank Verification Number (BVN) serves as a crucial identifier when dealing with financial institutions both domestically and internationally. 

However, if you find yourself on the credit bureau blacklist, it can definitely have severe consequences, affecting your ability to secure loans, obtain employment, and even travel abroad. Therefore, in this article, I have taken my time to provide you with details on how to remove your BVN from the Credit Bureau blacklist in Nigeria easily.

The Effects of BVN Blacklisting

Before learning how to remove your BVN from the Credit Bureau blacklist in Nigeria easily, kindly explore some of the effects of bvn blacklisting. They can be found below:

Inability to Secure Loans: Blacklisted BVNs can result in loan denial from regulated lenders. 

This may force individuals to turn to loan sharks who charge exorbitant interest rates.

Hindered Job Prospects: Some employers conduct background checks, including credit history evaluations, before hiring. 

A blacklisted BVN may reduce your chances of securing a desirable job.

Impact on Government Deals: Certain government deals require a clean credit history. 

If your BVN is blacklisted, it might hinder your eligibility for such opportunities.

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Travel Restrictions: Obtaining a visa for international travel has become more stringent. 

A blacklisted BVN may lead to visa application denials.

How to Remove Your BVN from Credit Bureau Blacklist in Nigeria In 2023

How to Remove Your BVN from Credit Bureau Blacklist in Nigeria
How to Remove Your BVN from Credit Bureau Blacklist in Nigeria

Here, I’ll show you the needful steps to take on how to remove your bvn from the credit bureau blacklist in Nigeria but first, you must ascertain whether your BVN is blacklisted in Nigeria. To ensure your bvn has been blacklisted, begin with the first step here:

Request Your Credit Report

Begin by requesting your credit report from a reputable credit reporting agency in Nigeria. 

The credit report will detail the reasons for your blacklisting, the institutions you owe, and the outstanding amounts. 

While some agencies charge fees for this service, you can opt for free and efficient services like CreditConnection.

Settle Your Outstanding Debts

After receiving your credit report, your next move is to settle your outstanding debts. Contact your lender, such as a loan app provider, and negotiate a payment plan that suits your financial situation.

 Setting up automatic payments can help ease this process and prevent future issues when seeking emergency or mortgage loans.

Obtain a Clearance Certificate

Once you’ve cleared your debts, ensure you obtain a clearance certificate or a letter of non-indebtedness from your lender. 

Forward this document to the credit bureau for verification. 

The credit bureau will investigate your case, liaising with the relevant financial institutions, with the aim of removing your blacklisted status.

Contact the Credit Bureau

After settling your debt, your lender should automatically update your financial records with the credit bureau. 

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However, you can expedite the process by sending an application to the credit bureau for an update. 

Include essential details like your full name, BVN, phone number, clearance certificate, gender, and evidence of payment in your application.

It may take two to five business days for your application to be processed and your BVN to be removed from the blacklist.

FAQs On How to Remove Your BVN from Credit Bureau Blacklist in Nigeria In 2023

Here are some helpful frequently asked questions on How to Remove Your BVN from Credit Bureau Blacklist in Nigeria in 2023 with answers:

Can my BVN be removed from the blacklist?

Yes, your BVN can be removed from the blacklist. 

If you’ve settled your outstanding debts and obtained a clearance certificate or letter of non-indebtedness from your lender, you can contact the credit bureau and request an update to your credit profile. 

After verifying your case and receiving the necessary documentation, the credit bureau may remove your blacklisted status.

What happens when your BVN is reported to the credit bureau?

When your BVN is reported to the credit bureau, it becomes a part of your credit history. 

The credit bureau records your outstanding debts and any default on loans, making this information available to lenders. 

A blacklisted BVN can lead to loan denials and may affect your ability to secure employment or engage in certain financial transactions.

Can I open a bank account with a blacklisted BVN?

Opening a new bank account with a blacklisted BVN can be challenging. 

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Many financial institutions conduct credit checks before approving account applications. 

If your BVN is blacklisted due to outstanding debts, it may hinder your ability to open a bank account. 

How can I clear my name from credit bureau?

To clear your name from the credit bureau, follow these steps:

  • Obtain your credit report.
  • Settle any outstanding debts.
  • Get a clearance certificate or letter of non-indebtedness from your lender.
  • Contact the credit bureau and request an update to your credit profile, providing the necessary documentation.

By following these steps, you can work toward removing negative information from your credit history.

How long does blacklisting last? 

In Nigeria, blacklisting typically lasts for seven years. 

Negative information, such as loan defaults or blacklisted BVNs, remains on your credit report for this period. 

After seven years, the credit bureau should automatically remove this information from your credit history. 

It’s crucial to maintain good financial practices during this time to rebuild your credit.

How do I reverse being blacklisted?

To reverse being blacklisted, you must address the reasons for your blacklisting.

Start by settling any outstanding debts and obtaining a clearance certificate from your lender. 

Then, contact the credit bureau to request an update to your credit profile. 

Ensure you provide all necessary documentation, including proof of debt repayment. 

It may take some time, but following these steps can help you reverse your blacklisted status and rebuild your creditworthiness.

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