Blacklist Limited, a credit management organization, announces partnership with CRC Credit Bureau Limited, to facilitate access to the latter’s over 55 million consumer credit information database via the Blacklist platform (www.blacklistng.com) at a much cheaper price.
The partnership between Blacklist and CRC Credit Bureau entails a technical integration via API, that will allow lenders and companies in general, greater access to relevant credit information for their credit decisioning, and at a much cheaper price than the regular.
Ayoge Bassey the Managing Director of Blacklist limited said that “...Businesses need to be proactive in preventing bad loans in the first place and access to CRC’s database as well as Blacklist’s alternative credit information will result in increased insight into potential borrowers’ credit behavior and active liabilities thereby enriching credit decisioning, making it harder for bad-intentioned borrowers to access loans, and consequently increasing available credit to well-intentioned and sufficiently credit-worthy borrowers.”
Access to credit for the unbanked and underbanked populations is growing significantly, and especially so in Africa. Similarly, credit fraud is on the rise. Credit fraud is manifested in multiple ways such as identity fraud, where people’s banking details are stolen and loans are fraudulently undertaken in their name. People take advantage of the decentralization of personal and credit data, and are able to take multiple loans from different lenders, with no intent to pay thereby gaming the system.
The consequence is non-performing loans go up, lenders struggle with profitability, lenders close shop or in a bid to manage losses, raise interest rates astronomically, cost of borrowing increases for borrowers, and ultimately access to credit diminishes. This is certainly not healthy for a growing economy.
“We believe that lending should no longer take place in the dark. Lenders should be able to take informed decisions using credit information, both negative and positive, as part of their decisioning process. Our partnership with Blacklist will enable fintechs use over 55 million credit data, in addition to other criteria required, to profile their customers within seconds. This is in line with our drive to enable consumers and businesses alike to have easier access to finance” Dr ‘Tunde Popoola, Managing Director/CEO CRC Credit Bureau Limited.
To improve performing loan rate, profitability, and enhance credit access via financial inclusion, lenders need to focus on preventing bad loans, and for this, data is absolutely necessary. The objective of this partnership is to bring relevant credit data to lenders for wholesome credit profiling of prospective borrowers, at an affordable rate.