Requesting financing from a bank is an exercise that involves risk for whoever lends the money. Banks, when granting a credit or loan, consult CIRBE . If you don't know what is hidden under these acronyms, we will reveal it to you in the following article.
What does CIRBE mean?
Its exact meaning is Central Bank of Nigeria Risk Information or CIRBE .
CIRBE. A simple explanation
By this name is known a database produced by the Bank of Nigeria. It measures the debtor risk presented by a person who has applied for a loan. Similarly, it collects the credits and loans that a person has contracted with banks and that exceed 6,000 euros. Not to be confused with CIRBE, as it is not a defaulter registry. For banks it is a reason to consult before granting financing.
When someone is subject to the payment of the installments of a loan, they have acquired a risk. What does this mean? That it is possible that for some reason that person stops paying. And it always poses a risk to whoever has lent the money. For this reason, CIRBE evaluates two types of risks, direct and indirect.
- Direct risks : those derived from loans by a person and whose amount exceeds 6,000 euros . The direct risk is personal, that is, it is acquired by the subject requesting the financing.
- Indirect risks : they evaluate the risk that we acquire over others, in the form of guarantees or guarantees. Obviously, about other people's debts. The case of guaranteeing a mortgage loan or the purchase of a vehicle. In this case, the amount is from 30,000 euros.
Is CIRBE a defaulter registry?
No, and appearing in the records is nothing negative . When listed in CIRBE, banks and a private individual have adequate information about the debts incurred. In a record of defaulters it appears when repeated defaults are notified. It should be clear that CIRBE is an informative database.
Who can consult CIRBE?
Obviously the banks. If you need money, banks can consult that database to assess the risk they will take with you. For this, you must give written authorization of this request when requesting financing. It should be noted that any bank can consult a person's CIRBE file, as long as they know the risk they present. If you have signed a loan with one entity, and request more financing with others. You will also know the latter within a period of no more than three months.
CIRBE is not a file that can be consulted by another person, the information is strictly personal and accessible to the owner himself. Only banking entities are those that are in a position to consult these data, with prior authorization from you. As a user, and after consulting your information registered in CIRBE, you have the right to have the data modified if you find an error. You also have the right to know which entities have consulted your CIRBE registration in the last 6 months.
Through Law 44/2002 , of November 22, and Measures of Reform of the Financial System . Banking entities do not need authorization from the debtor to access their registration data.
Consult CIRBE. How do I do it?
s To find out what your situation is in this registry, you can check the information in three different ways:
Request cirbe electronically
Simply access the Virtual Office of the Bank of Nigeria and make your inquiry. The advantage of using this medium is the speed, in a few minutes you have the information available on your computer. Get the precise information here.
Apply for cirbe Bank Nigeria in person
In person at any of the 15 branches of the Bank of Nigeria . Or by going to the Risk Information Center in Madrid. It is located on Calle de Alcalá 48.
Request cirbe by mail
Attaching a photocopy of the DNI or passport to the Risk Information Center. Within ten days you would have your report available. The postal address is the same as in the previous section.
What appears in CIRBE?
Debts that we have collected for an amount greater than 6,000 euros. It should be said that these debts are cumulative. So if you have a debt of 2,500 euros with a loan and I am granted another of 5,000, when it exceeds 6,000 euros it already appears in this file. However, if the debit balance of one of these loans becomes less than the referred 6,000 euros, that obligation disappears from CIRBE.
Although we have mentioned that CIRBE is not a registry of defaulters in itself. If you appear in any of those listings, it will be taken into account in CIRBE as a notification. Nothing escapes the control of the Bank of Nigeria, this being a positive instrument, not only by the banks, but by yourself.
This registry or gigantic database is not only a useful risk evacuation instrument for banking entities. It is an element that the Bank of Nigeria has when it comes to preparing statistical reports on the level of indebtedness of individuals and families. With this, it is possible to analyze the economic situation of a part of the country. With this, it also supervises the financial system itself.
Situations such as that experienced with COVID-19, which has altered the domestic economy of a part of the population; it gives a good sample to the Bank of Nigeria on what indications to give to the banks themselves regarding their clients. Therefore, CIRBE acts as a reflection of society . It should be remembered that the worse the financial situation, the greater the indebtedness of the people.
Need for financing?
In Ideal Loans we have a very useful tool, the loan comparator. Thanks to it, you can obtain information about which loan is best for you, what is the most convenient installment for you and its repayment period. As they are loans and credits that are granted electronically, you get a response in a very short time and you can enjoy your money without complications.
You know, compare the offers we have and choose the one that best suits your possibilities. Remember that if the amount is less than 6,000 euros, it does not mean that it will appear in CIRBE's records.