MD/CEO CRC Credit Bureau, Dr. Tunde Popoola.
By Barnabas Esiet.
As part of efforts to enable institutions access and submits data on their credit customers online real time, CRC Credit Bureau has launched its Data Submission Application Programming Interface (API).
This innovation which is the first of its kind in the industry in Nigeria, is an automated medium that enables institutions, provide the Bureau with information on credits immediately they are booked on the system and update existing credit records as soon as repayments have been made by their customers.
The API also enables clients to access relevant information about their customers through live connections.
Usually, lenders submit credit data once or twice a month which leaves some customers who have paid, in between this cycle, either waiting for an update to be done, while others are not able to build a credit history especially if they have taken and repaid the loan before the information is provided to the credit bureau.
In a Statement the Credit Bureau explained that the traditional reporting often causes delays for borrowers who want to access new loans immediately after they pay off outstanding facilities and for those who intend to build credible profiles to access loans and postpaid products to improve their standard of living.
“By adopting this technological advancement in data reporting, institutions can eradicate these challenges, as their customers begin to build credible profiles and histories immediately facilities are taken, instant updates are conducted on loans and postpaid products as repayments happen and are fully made.” The statement read.
According to the statement, this solution completes the operational reporting cycle for lenders to CRC Credit Bureau, as now they can automate both the generation of credit information for decision making and the submission of data on their credit customers.
Lenders can also reduce their loan processing costs and increase efficiency emanating from the challenges associated with the manual reporting of credit files, ultimately scaling up their business and increasing profitability.
the Managing Director and Chief Executive Officer of CRC Credit Bureau Limited, Dr. ‘Tunde Popoola, noted that though the Federal Government of Nigeria has eased the lockdown significantly to kick- start economic activities, the use of online mediums or Electronic-Channels for digital lending will continue to be the most favorable method of initiating credit requests.
“ CRC’s API is a welcome innovation in the credit bureau sub-sector which will benefit lenders and borrowers alike, we are always listening to our customers, individuals and institutions alike, and during the restriction of movement one overarching challenge was the need to have an automated means of accessing and submitting data 24/7.” He said.
“As a data company, we should ensure that beyond just providing credit data, our customers are able to access and submit data as efficiently as possible, our Data Submission API makes this process more efficient and effective for all parties involved’’ he added.
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