Issuing a dud cheque can impact your credit worthiness
The Bank of Ghana (BoG) has cautioned customers of financial institutions against issuing dud cheques as it significantly impacts customers credit worthiness.
According to the financial sector regulator, the act, if not curbed, can impact credit reporting and chances of securing a loan facility with a financial institution.
Providing further education as part of
Read full articleits financial literacy programme dubbed; "Improving Your Credit Worthiness,” the central bank urged customers to honour their loan obligations on time in order to maintain a good credit history with financial institutions.
“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. A weak credit history may affect your chances of getting new loans from any financial institution,” it said.
The BoG however said bank customers are entitled to one free credit report per 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 explained.
Read the tips provided by the Bank of Ghana below:
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