How to Check My Credit Score for Free in Nigeria -
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How to Check My Credit Score for Free in Nigeria

Sodiq J. Sodiq J.
March 21, 2023
How to Check My Credit Score for Free in Nigeria

How to Check My Credit Score for Free in Nigeria

Are you looking for your credit score but wondering how to do it for free in Nigeria? Knowing your credit score is the first step in understanding and improving your finances if needed.

A good credit score is important for many reasons, such as getting access to better loan rates and long-term financial security. Various criteria like payment history, debt levels, and other factors determine credit scores. Unfortunately, many people are unaware of their scores because they don't know how or where to check them.

Fortunately, there are several ways to check your credit score for free in Nigeria without prior knowledge or expertise. In this article, we will look at how to view your credit score with different services available in Nigeria.

How to Check My Credit Score for Free in Nigeria

Nigerian citizens can receive one free credit report annually from a registered Nigerian Credit Bureau. There are several ways to access their credit score, including using the USSD code *565*8# on any MTN mobile phone, giving an instant result. CRC Credit Bureau provides this service, and users can only access their reports once a month.

Apart from this option, obtaining a free credit report from Nigeria’s first independent licensed credit bureau is possible. This institution provides all registered citizens with an annual credit report, allowing them to easily see how their financial situation stacks up against benchmarks set by other individuals and businesses across the country. This service allows Nigerians to make informed decisions about their financial future.

Is there a Credit Score in Nigeria?

Yes, there is a credit score in Nigeria. Lenders and other financial organizations contribute information to the Credit Bureau of Nigeria, which is used to compute credit scores (CBN). A credit score, which has three digits and ranges from 300 to 900, is used by lenders to determine the risk of a loan to a particular person. A higher credit score often implies greater financial health, and obtaining credit is simpler for those with higher scores.

How to Get a Nigerian Credit Bureau Report

In Nigeria, obtaining a credit bureau report is not too difficult. On request, credit reports are given by the Credit Bureau of Nigeria (CBN). You must first register as a user with the CBN and submit an application form with the necessary personal information to obtain your credit report.

What is a Bad Credit Score in Nigeria?

A bad credit score in Nigeria is any score that falls below the accepted average. In Nigeria, Credit scores typically range from 300 to 900, with higher scores indicating better financial health. Generally speaking, a score of 600 or below is bad and can make it difficult for individuals to access credit. A low credit score may be caused by several factors, including late payments, loan defaults, and too much debt.

What Happens When You are Reported to the Credit Bureau?

When you are reported to the Credit Bureau, it can have serious implications for your credit score and overall financial health. The Credit Bureau of Nigeria (CBN) collects information from lenders and compiles it into a report to assess an individual's creditworthiness. When you are reported to the Credit Bureau, lenders can see this information and use it to decide whether or not to approve your loan application.

Can I Get a Loan Even With a Bad Credit Score?

Yes, it is possible to obtain a loan despite having poor credit. However, the loan's terms and conditions could not be as attractive as those extended to customers with strong credit ratings. In addition, because they are taking a bigger risk by giving you money, lenders could ask for greater security or charge you a higher interest rate to compensate for any losses.

Hence, it's critical to comprehend the effects of having a low credit score and the dangers involved before applying for a loan.


Checking your credit score is an important step in managing your finances. With the help of the Credit Bureau of Nigeria, Nigerian citizens can access their credit reports for free once annually. By understanding your financial situation and making informed decisions, you can improve your credit score and access better loan terms from lenders.

Blog authors

Sodiq J.
Sodiq J.
successful businesses start with small steps but big ideas and I find great pleasure in putting into context and wordings profitable and feasible business ideas and agricultural practices in nigeria