What's included in a credit report?
A credit report is a document that shows the applicant's borrowing history- basically, how they have handled debts and bills in the past. This tells you if they are good at paying on time or if they have a habit of missing payments.
More importantly, Tenalet partners with CRC Credit Bureau, a CBN-licensed credit bureau, to generate its credit report. Each report includes the following sections that help landlords assess your financial reliability:
Now, let's look at each section of the credit report.
Identity verification
This section includes the applicant's date of birth, bank verification number (BVN), gender, and nationality. For privacy protection, the BVN is partially masked in the report, as Tenalet safeguards the personal data of all platform users.
Credit summary
This is a quick snapshot of the applicants borrowing and repayment habits. It includes the following information:
a. Credit score: A number that determines an applicant's creditworthiness. This is built from the applicant's credit history. The score is usually in the 300-850 range. A higher credit score indicates a good credit history.
Credit enquiries
Credit enquiries are requests made by landlords, lenders, or businesses to check a person's credit report. These checks help assess how reliable the person is at managing money and paying debts on time.
So a credit enquiry shows information about every time someone checked the applicant's credit in the last 12 months. At Tenalet, we perform a soft credit check, which does not affect the applicant's credit score.
Let’s explain the field in the credit enquiry
Inquirer: Which company or bank ran the check
Date: When the inquiry happened
Employment history
Employer: The applicant's employment history - where they work
Reported date: This is the specific date the applicant's employment information was added to the credit file by the credit bureau
Addresses reported
This lists the applicant's residential address that is associated with their credit file.
Address: The address
Reported Date: When this address was reported