How to know if your BVN is blacklisted in Nigeria?

Read all about how to know if your BVN is blacklisted.

Your Bank verification number is an 11 digits’ number that is unique to all bank account owners, and it is usually linked to all of your bank accounts. It was introduced by the central bank of Nigeria to curtail and monitor financial crime, fraud & theft.

It is not possible to have more than one BVN, and anytime you want to open a bank account, it will be linked to your BVN.

With the ever increasing popularity of loan apps, there are so many ways you can get small loans in a few minutes without collateral or any paperwork.

These loan apps usually offer you loans which you can pay back within 3 months to 9 months with very little interest rate.

However, there are still certain people who borrow money from these apps and default to pay back within the specified period of time. Some even go ahead to take loans from any other loan app willing to give them.

You should know that failing to pay back loans can lead to you getting reported to the credit bureau of Nigeria, thereby blacklisting your BVN.

In this post, I am going to be writing about How to know if your BVN is blacklisted in Nigeria and more. Remember to leave us a comment after you finish reading and also share with your friends on social media.

Let’s get into it then…

Read my post on how to apply for FCMB fast cash loan

What does it mean to get your BVN blacklisted?

When your BVN is blacklisted, it means that it has been red flagged and reported to other financial institutions. The Credit bureau of Nigeria is the body that is responsible for blacklisting your BVN.

What happens when your BVN is blacklisted?

You might think that it’s not a big deal to get your BVN blacklisted, but you should know that this can prevent you from getting loans in the future.

This can mean that if in the future you ever need a loan, probably for a business or for any other reason, your BVN being blacklisted might prevent you from getting it.

Also, many loan apps won’t grant you a loan if they see that your BVN has been blacklisted.

What can cause my BVN to be blacklisted?

The following are some of the reason why your BVN may have been blacklisted:

Loan Repayment defaulting

Your BVN can be blacklisted if you are reported to the Credit bureau by two or more financial institutions after you fail to pay back your loan.

If you are of the habit of taking loans from apps without the intention of paying back, then you should not be surprised if your BVN is blacklisted.

Fraud

If you are found to be associated in any form of fraud, it can lead to your BVN getting blacklisted. For example, if your bank account is used to receive stolen funds, it can lead to your BVN getting blacklisted.

You should know that banks always monitor transactions that go in and out of your account to detect any foul play and report it to the appropriate authorities.

Issuing a bounced cheque

Another reason that can get your BVN blacklisted is issuing a cheque which bounces. If you issue a cheque to someone with the knowledge that the amount of money in your account cannot cover it, then you should not be surprised if your BVN is blacklisted, especially if you have done it more than once or twice.

How to know if your BVN is blacklisted in Nigeria?

If you want to know if your BVN has been blacklisted, you will need to get a credit report from the credit bureau. From this credit report, you can know your credit history and be able to tell if your BVN has been blacklisted.

You can get a credit report in Nigeria via the following:

1. Visit the website of a licensed credit bureau website
2. Dial the CRC Credit bureau USSD code

Visit the website of a licensed credit bureau website

You can get a credit report by visiting the website of a licensed credit bureau in Nigeria:

1. https://creditregistry.ng
2. Crccreditbureau.com
3. Firstcentralcreditbureau.com

Dial the CRC Credit bureau USSD code

You can also get a free credit report by dialing the USSD code *556*8#

How to remove your BVN from blacklist?

You can remove your BVN from the blacklist by repaying the loan you owe or by taking up the case, if you feel you were wrongly reported to the credit bureau.

About the credit bureau?

Read my post on how to apply for GTbank quick credit loan

The credit bureau is a private company with a license by the central bank of Nigeria (CBN) to keep a database of loan defaulters in Nigeria.

Frequently asked questions (FAQs)

What happens when my BVN is blacklisted?

This can mean that if in the future you ever need a loan, probably for a business or for any other reason, your BVN being blacklisted might prevent you from getting it.

How to remove your BVN from blacklist?

You can remove your BVN from the blacklist by repaying the loan you owe or by taking up the case, if you feel you were wrongly reported to the credit bureau.

How to know if your BVN has been blacklisted?

If you can no longer get loans, then it is likely that your BVN has been blacklisted. You will need to get a credit report from the credit bureau. From this credit report, you can know your credit history and be able to tell if your BVN has been blacklisted.

Summary

I hope that I have been able to help you with the above on how to check if your BVN has been blacklisted. If you need further information or you have something to add, then don’t hesitate to leave us a comment or visit our contact us page and we will get back to you as soon as we possibly can.

Conclusion

Thank you for reading my post on How to know if your BVN is blacklisted in Nigeria? If you have any question or comment, you can leave it below in the comment section below.

Remember to share with your friends on social media and also subscribe to this blog for more banking and finance updates.

Thank you once again