What is a Credit Score in Nigeria?

A credit score is a crucial financial metric that reflects an individual’s creditworthiness. In Nigeria, this three-digit number, ranging from 300 to 850, is determined by factors such as payment history, amount owed, pursuit of new credit, length of credit history, and credit mix. This guide will delve into the significance of a credit score and how to access your credit report in Nigeria.


Factors Affecting Your Credit Score

  1. Payment History (35%): This aspect assesses your adherence to agreed-upon payment terms. Incidents like bankruptcies, late payments, and defaults can negatively impact your score.
  2. Amount Owed (30%): This factor evaluates the total owed, the number of accounts with balances, and available credit.
  3. Pursuit of New Credit (10%): Recently opened credit accounts are weighed against your overall credit history.
  4. Length of Credit History (15%): While a good score is attainable with a short credit history, a longer history tends to boost your score.
  5. Credit Mix (10%): Having a variety of credit types, such as installment loans, credit cards, and personal lines of credit, can slightly improve your score.

Accessing Your Credit Score in Nigeria

Your credit score is derived from the information in your credit report, which encompasses your entire credit history. It’s a critical factor that lending institutions evaluate when considering your loan application.

To access your credit score in Nigeria, you’ll need your credit report, which contains details about your past and current credit agreements, including loans, mortgages, credit cards, and more. You can obtain a free credit report annually from any registered Credit Bureau in Nigeria.

Here are three ways to obtain your free credit report:

  1. CRC Credit Bureau:
    • Visit the CRC Credit Bureau website.
    • Dial the USSD code (5658#) if you’re an MTN subscriber.
  2. Credit Registry:
    • Visit the Credit Registry’s website for a free annual report.
  3. Carbon Paylater:
    • Carbon also offers free credit reports to Nigerians.


Understanding your credit score is pivotal for taking charge of your financial health and making informed decisions regarding loans in Nigeria. By utilizing the accessible credit score calculator, you can effectively manage your creditworthiness. Remember, your credit report is a valuable tool that empowers you to navigate the financial landscape with confidence.

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