Paylater's Free Credit Reports
Quote from Ndubuisi Ekekwe on August 18, 2018, 10:52 AMPaylater wants to provide transparency in the credit system in Nigeria. It will be offering its customers free credit reports. That is huge and could possibly help in developing a credit system in Nigeria.
From next week, every loan applicant will receive a credit report to increase awareness about data that is used in the lending decision and provide an opportunity to improve their credit worthiness. Our goal is threefold
For applicants whose report is empty, you can fix that easily by going to a credit bureau and providing more information. The greater the data, the less the uncertainty about lending to you. Low data = higher interest rates so provide as much data as possible to reduce your cost of borrowing.
Good borrowers whose loans are not on their credit report. Please call your lenders and insist that they send your loan history to the bureaus. Its the least they can do to reward you for paying your loan. If they refuse, at least now you know a lender that will ?
Lastly, if you are lucky to have all your previous loan transactions on the report and your repayment history is good, then by all means use the report as a way to get cheaper loans from other institutions. You deserve it!!!
Paylater wants to provide transparency in the credit system in Nigeria. It will be offering its customers free credit reports. That is huge and could possibly help in developing a credit system in Nigeria.
From next week, every loan applicant will receive a credit report to increase awareness about data that is used in the lending decision and provide an opportunity to improve their credit worthiness. Our goal is threefold
-
For applicants whose report is empty, you can fix that easily by going to a credit bureau and providing more information. The greater the data, the less the uncertainty about lending to you. Low data = higher interest rates so provide as much data as possible to reduce your cost of borrowing.
-
Good borrowers whose loans are not on their credit report. Please call your lenders and insist that they send your loan history to the bureaus. Its the least they can do to reward you for paying your loan. If they refuse, at least now you know a lender that will ?
-
Lastly, if you are lucky to have all your previous loan transactions on the report and your repayment history is good, then by all means use the report as a way to get cheaper loans from other institutions. You deserve it!!!