CRC Credit Bureau provides new solution

CRC Credit Bureau Limited has introduced a new product that could improve the financial decisions of organisations in the country.

The new product, CRC Risk Calculator, is aimed at empowering businesses to make improved financial decisions.

The firm said that CRC Risk Calculator accurately predicts how risky a customer is concerning approving credit requests.

The algorithm uses a risk scale to classify loan applicants, using over two years of historical credit data.

CRC Risk Calculator evaluates multiple factors, including the number of performing and non-performing loans of the borrower, current loan balance, overdue amounts on the borrower’s credit profile to reach the credit score.

The calculator also uses machine learning algorithms to analyse large volumes of data, providing more accurate and reliable risk assessments.

Speaking on the new product, the Group Managing Director/Chief Executive Officer, CRC Credit Bureau Limited. Dr. Tunde Popoola, said the unveiling of the CRC Risk Calculator would help organisations to assess credit risks.

“We believe that access to accurate and reliable information is critical for making informed financial decisions.

“The risk calculator is designed to provide lenders with a clear understanding of the riskiness of borrowers, which is crucial for granting credit facilities, and other financial services. We believe that the CRC Risk Calculator will be a game-changer for businesses looking to make better financial decisions.

“We are committed to providing innovative and reliable solutions that empower businesses to make better-informed lending decisions. The CRC Risk Calculator is part of our broader service offerings leveraging technology and data analytics to deliver more value to our customers,” he said.