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Thursday, June 11, 2020 / 6:33 PM / CRC Credit Bureau
CRC Credit Bureau has
launched its Data Submission Application Programming Interface (API) that enables
institutions access and submit data on their credit customers online real time.
This innovation in Nigeria, the first in the industry, is an automated medium
that enables institutions, provide CRC with information on credits immediately
they are booked on the system and update existing credit records as soon as
repayments have been made by their customers. The API also enables them to
access relevant information about their customers through live connections.
Traditionally, lenders
submit credit data once or twice a month which leaves some customers who have
paid, in between this cycle, either waiting for an update to be done, while
others are not able to build a credit history especially if they have taken and repaid the loan before the
information is provided to the credit bureau. An example of these are short-tenured
facilities e.g. 24 hours, 7-day facilities etc. The traditional reporting often
causes a delay for borrowers who want to access new loans immediately after
they pay off outstanding facilities or for those who want to build credible
profiles to access loans/postpaid products thereby improving their standard of
living. On the lenders side, they spend additional man hours updating
information manually thereby increasing their operational cost and negatively
impacting efficiency.
By adopting this
technological advancement in data reporting, institutions can eradicate these
challenges, as their customers begin to build credible profiles and histories immediately
facilities are taken. Instant updates are conducted on loans and postpaid products
as repayments happen and are fully made. Therefore, by taking advantage of this
API, lenders assist all their customers to continuously build accurate and
reliable credit profiles that enable them to enjoy additional opportunities.
This solution completes
the operational reporting cycle for lenders to CRC Credit Bureau, as now they
can automate both the generation of credit information for decision making and
the submission of data on their credit customers. Lenders can reduce their loan
processing costs and increase efficiency emanating from the challenges
associated with the manual reporting of credit files, ultimately scaling up
their business and increasing profitability.
Even though the Federal Government
of Nigeria, has eased the lockdown significantly in order to kick-start
economic activities, the use of online mediums or Electronic-Channels for
digital lending will continue to be the most favorable method of initiating
credit requests and CRC's API is a welcome innovation in the credit bureau
sub-sector which will benefit lenders and borrowers alike.
According to the Managing
Director/CEO of CRC Credit Bureau Limited, Dr. 'Tunde Popoola' "We are
always listening to our customers, individuals and institutions alike, and
during the restriction of movement one overarching challenge was the need to
have an automated means of accessing and submitting data 24/7. As a data
company, we should ensure that beyond just providing credit data, our customers
are able to access and submit data as efficiently as possible. We know that timely
data reporting is essential to the quality of data which ultimately increases
access to finance and postpaid products for consumers and businesses.
Consequently, our Data Submission API makes this process more efficient and
effective for all parties involved"
Lenders can have access to
CRC's API solutions in 4 easy steps: Request for the API Integration Kit, Implement
API, Test and Go Live. Further information can be obtained by sending CRC
Credit Bureau an email to contactus@crccreditbureau.com or automations@crccreditbureau.com.
CRC Credit
Bureau provides a nationwide repository on credit profiles of corporate
entities as well as consumers, thus improving the ability of credit providers
and borrowers to make informed lending and borrowing decisions. The bureau's
database covers the credit industry which includes commercial banks, non-bank
institutions, retailers, utility service providers and fintechs.
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