Your Bank Verification Number (BVN) is a unique identifier that is linked to your bank account. It is used to prevent fraud and identity theft. However, if you fail to repay a loan or credit, your BVN may be blacklisted. This means that you will not be able to open a new bank account, take out a loan, or access other financial services.
If your BVN is blacklisted, there are a few things you can do to get it removed.
- Apply for a credit report. Your credit report will show you all of your outstanding debts and your repayment history. You can apply for a credit report from any of the three credit bureaus in Nigeria:
- Equifax Nigeria
- TransUnion Nigeria
- FirstBank Credit Bureau
- Repay your pending debts. Once you have a copy of your credit report, you can identify the debts that are causing your BVN to be blacklisted. You can then repay these debts to clear your name.
- Acquire a clearance report or debt-free issuance letter from the lender. Once you have repaid your debts, you can request a clearance report or debt-free issuance letter from the lender. This document will confirm that you have repaid your debts and that your BVN is no longer blacklisted.
- Connect with the credit bureau. Once you have a clearance report or debt-free issuance letter, you can contact the credit bureau to update your credit report. This will remove the blacklisting from your BVN.
It can take up to 30 days for the credit bureau to update your credit report. Once the update is complete, your BVN will no longer be blacklisted.
If you have any questions about how to remove your BVN from blacklist, you can contact the credit bureau or your bank.
Here are some additional tips for avoiding a BVN blacklist:
- Make sure you repay your debts on time.
- Keep track of your credit report and make sure there are no errors.
- Dispute any inaccurate information on your credit report.
- Be careful about who you give your BVN to. Only give your BVN to reputable companies.
By following these tips, you can help to protect your BVN and avoid being blacklisted.