This comes after the central bank last week announced that is has expanded a list of institutions required to partake in the Credit Reporting System (CRS) established under the Credit Reporting Act, 2007 (Act 726). The CRS is a database established to promote the sharing of information on the credit history of debtors with lenders and other users on the platform. Reacting to the development, Nana Otuo Acheampong said inaccurate data collected will hamper the likelihood of innocent borrowers being subjected to unfair treatment by lenders. We have instances where after paying for loans, banks still have inaccurate information on borrowers years later, which will affect your credit worthiness. A statement issued by the central bank explained that the expanded list for the Credit Reporting System will entail; retailers, utility companies, mobile money operators, financial technology firms, telecommunication companies and government entities that offer credit to Micro Small and Medium Enterprises.

Source: GhanaWeb August 09, 2021 12:33 UTC