What is a good and bad score?
Scores are simply numbers that represents how credit worthy a borrower or potential borrower is. If you diligently pay your credit as and when due, you are going to have a good credit score which will increase your chances of getting a loan or facility from any credit institution. A bad score on the other hand results when you do not repay your loans as at when due. This might automatically disqualify you from getting any further loans from credit institutions.
What is a credit bureau? Is it a bureau de change?
A credit bureau is different from a bureau de change. A bureau de change deals with currency exchange while a credit bureau provide information on borrowers credit worthiness and how likely the borrower is going to pay back the loan/facility.
Is X-Score different from the other Credit Bureau scoring?
X-Score is developed and calibrated based on the uniqueness of the Nigerian credit environment applying parameters similar to some other credit scores. The classifications on X-Score might be different from those of other credit scores as a result of the difference in risk weight assigned by the different credit bureau but there is usually a close margin.
Does FirstCentral Credit Bureau provide credit or loans?
FirstCentral Credit Bureau does not provide loans, but provides information (reports) that would facilitate the approval of loan applications.
How can my credit report help me to access loans?
A credit report shows your previous/current credit performance and repayment history. A good credit repayment behavior is a strong collateral that can help you access loans.