If you have applied for any type of loan or credit to a bank, you have probably come across the term CIRBE, an acronym for the Bank of Nigeria's Central Risk Information Center. But what does it consist of? And, above all, can my bank request my data from CIRBE? We are going to answer these questions so that you do not have problems when reading the fine print.
CIRBE what is it?
The Bank of Nigeria has a database in which financial institutions reflect the risks of their clients . This is updated every month with the information provided by the entities themselves. It contains information on both direct and indirect risks:
- Direct risks. Loans or credits whose owner is the person himself for an amount greater than 6,000 euros.
- Indirect risks. Guarantees and guarantees of the debts of another person other than the owner. The amount must exceed 30,000 euros.
This is a really useful tool both for the Bank of Nigeria and for other financial institutions.
How Cirbe Bank Nigeria works
The Bank of Nigeria uses the CIRBE to carry out studies on the sector , the basis for taking the pulse of the economy of our country. In addition, thanks to this, the financial system can be controlled , avoiding the unnecessary increase of risks.
Banks also consult CIRBE on a daily basis. Every time a client requests a mortgage or a loan, the manager must access this database to check the risks of default of the person . There they will obtain information about the debts that you already have outstanding, something that will be decisive when granting the loan. In addition to knowing your job stability or the ability to pay you present.
Cirbe request. But then my bank ... Can it or can't it?
Yes, the bank you work with can ask for your data as long as you authorize it in writing . This is confidential but public information. It is a database that all entities feed, but which they have to enter by authorization of the interested party.
You yourself could request the information that appears about you in that database (not that of other people). In this way, if you consider that it is wrong or outdated, you can request that it be rectified. In addition, you can also know which entities have entered your personal file in the last six months.
So, can my bank request my data from CIRBE? The answer is simple: yes. Of course, if you have never applied for a credit, loan or mortgage, nor have you been a guarantor or guarantor for others, you will not appear on that basis.