The Bank of Ghana is cautioning customers of banks who issue dud cheques to desist from that since it adversely affects their credit report and chance of securing a credit facility with any financial institution.
The warning was captured as part of the Central Bank’s financial literacy
programme dubbed “Improving Your Credit Worthiness”.
It is also part of efforts to help customers improve their worthiness to
receive new credit from any financial institution.
The Central Bank also urged customers to pay their loan on time to maintain a
good credit history.
It noted that this is because one’s credit history showed how they managed the
repayment of their past loans including the timeliness of the payment, adding
that, a weak credit history might affect one’s chances of getting new loans
from any financial institution.
“You need to pay your loan on time to maintain a good credit history. This is
because your credit history shows how you managed the repayment of your past
loans including the timeliness of the payment. Weak credit history may affect
your chances of getting new loans from any financial institution,” it said.
The Central Bank also stated that bank customers are entitled to a free credit
report once a year.
“Your credit report will contain your credit history which outlines your
current and past loans, the institutions you took the loans from and how you
are paying or repaid the loans. Contact the credit bureaus to see your credit
status. Do not wait until you need a loan,” it added.
It also noted that Retailers, Telcos, Fintech Service Providers, Student Loan
Trust, Utility Companies and other credit providers etc. may share information
on one’s indebtedness to them to Credit bureaus licensed by BoG.
These institutions will also obtain credit information about borrowers when
deciding to offer them credit. This will however be done with their consent.
It reiterated that their consent was required before any authorised institution
obtains access to their credit report or share their credit information.
The Central Bank however urged borrowers to submit a complaint to the credit
bureau or their financial institution, if they dispute the content of their
credit report.
Source: ghanaiantimes.com.gh