Loan Reporting (Mandatory)

Spectrum Credit Bureau Reporting (Mandatory)

Service: CreditChek Spectrum This step is not optional. Automated collection via RecovaPRO will not be honoured for any mandate unless the associated loan upon disbursement has been reported to the credit bureau through CreditChek's Spectrum.

Why This Is Required

Under the FCCPC Act 2018 and Nigeria's digital lending guidelines, a merchant cannot initiate automated debt collection unless there is verifiable, auditable proof that:

1. A loan was approved and the approval reported to a Credit Reference Bureau
2. Disbursement was completed and confirmed on record
3. The borrower received the funds they are being collected against

CreditChek, as the mandate infrastructure provider, is not the payment disbursement channel. Spectrum acts as the integration layer that links proof-of-disbursement to the active mandate — creating the legal and regulatory basis for each collection attempt.

Spectrum Reporting Events

You must report all of the following lifecycle events via Spectrum:

Event	When to Report	Description
loan.approved	At credit decision	Loan offer terms, approved amount, tenure
loan.disbursed	At fund transfer completion	Disbursed amount, disbursement date, reference
repayment.successful	After each successful debit	Amount, date, outstanding balance
repayment.missed	After collection failure on due date	Due amount, failure reason, new outstanding
loan.restructured	If terms change	New schedule, reason for restructure
loan.closed	At full repayment or write-off	Final status, close date

Disbursement Gate

[ Mandate Active ] ──► [ Spectrum: loan.disbursed reported ] ──► [ Collection ENABLED ]
                                        │
                                        ▼
              ⛔ If loan.disbursed NOT reported ──► Collection BLOCKED

CreditChek will suppress collection attempts on any mandate where loan.disbursed has not been confirmed via Spectrum. This protects both the merchant and the borrower, and indemnifies CreditChek from liability for collections on unfunded obligations.

Benefits of Spectrum Integration

• Legal indemnification — establishes that collection is against a real, funded obligation
• Statutory compliance — meets CBN and FCCPC credit reporting obligations
• NPL intelligence — real-time non-performing loan flag across your portfolio
• Bureau score impact — timely positive/negative reporting improves bureau accuracy for all parties
• Audit trail — every mandate action is traceable to a bureau-reported loan event

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