Credit Reporting Act CRA
Act · Finance
An Act establishes a legal framework for credit reporting in Nigeria, governing the collection, management, and sharing of credit information. It targets individuals, businesses, banks, credit bureaux, and financial operators to protect data privacy and ensure accuracy. This aims to improve access to credit and reduce lending risks.
What Is This Policy?
Establishes a legal framework for credit reporting in Nigeria, governing the collection, management, and sharing of credit information to improve access to credit for individuals and businesses while protecting data privacy. Central Bank of Nigeria Act; Banks and Other Financial Institutions Act (BOFIA); Nigeria Data Protection Act 2023; Companies and Allied Matters Act; Consumer Protection Council Act
Individuals and businesses seeking bank loans or credit facilities Banks, microfinance institutions, and other creditors Credit bureaux and financial data operators
Who Does It Target?
Banks, microfinance institutions, and licensed lenders reporting credit information. Borrowers — individuals and businesses — whose credit histories are tracked. Credit bureaus collecting and distributing credit data. Regulators including the CBN and businesses relying on credit reports for lending decisions.
What Does It Aim to Achieve?
Create a transparent, reliable credit information system to reduce lending risk Expand access to credit for creditworthy individuals and SMEs who lack collateral Protect consumers' credit data and ensure accuracy of credit records
Key Features
Credit Bureau Regulation: Legal basis for licensing and regulating credit bureaux that collect and distribute credit data Consumer Rights: Right to access, review, and dispute inaccurate credit records Data Sharing Framework: Clear rules on what credit information can be collected and shared by lenders and bureaux Positive & Negative Data: Inclusion of both repayment history and default records for a full credit picture
Current Status
In force. The CRA is actively implemented with credit bureaux licensed by the CBN and operating a shared credit information system used by banks and financial institutions to assess borrower risk.
Individuals and businesses can request their credit report from any licensed credit bureau Valid ID (NIN, BVN, or passport) to request your credit report Dispute process available for inaccurate credit entries Lenders must obtain consent before accessing credit reports Application method: Licensed credit bureaux: CRC Credit Bureau (crccreditbureau.com) | FirstCentral Credit Bureau | XDS Credit Bureau
Important Terms
Credit data is retained for defined periods; defaults may affect creditworthiness for years Lenders must obtain applicant consent before querying credit bureaux Inaccurate data can be formally disputed with the relevant credit bureau
Impact & Metrics
Improved credit reporting infrastructure is expected to expand SME and consumer lending, potentially unlocking billions of naira in economic activity.
Official Resources
Website: cbn.gov.ng Contact: Central Bank of Nigeria This policy summary is for informational purposes. For official and legal details, refer to the cited Act or Bill and official government sources.
Legal Framework
Central Bank of Nigeria Act; Banks and Other Financial Institutions Act (BOFIA); Nigeria Data Protection Act 2023; Companies and Allied Matters Act; Consumer Protection Council Act