Firm unveils new credit scores system
Credit Scoring is a method of allocating scores to customers, to determine their level of risk in extending them loans or credit facilities.
The Managing Director/Chief Executive Officer, CRC Credit Bureau, Tunde Popoola, explained that using data from the individual’s credit history detailed in their Credit Report generates CRC Score.
Developed in collaboration with Fair Isaac Corporation (FICO), an American company with over 50 years of experience in data and analytics, CRC Scores analyse statistical number and then defines how risky it is for lenders to do business with an individual.
Popoola explained that the CRC Score is a three-digit number that indicates if your status is; excellent, good, fair or poor. The score ranges from 300-850, with 300 being the lowest score and 850 the highest.
“Credit Scores help lenders make quick and informed Credit decisions on who to extend credit facilities or loans to.
“As a lender, the CRC Score can be used to profile and make quick lending decisions on new and existing credit customers to know their level of risk prior to approving their loan or post-paid product applications.
“As an individual, the CRC Score is a number that shows the level of risk associated with doing business with you or the quality of your credit status. Your CRC score can encourage or discourage credit providers at the point of making credit decisions on your application”, he said.
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