Credit reference bureau, XDS Data says it is now working on signing up other financial institutions and companies after getting almost all the commercial banks to subscribe to its services.The institutions XDS is targeting include; microfinance firms, rural banks, insurance and utility companies and retailers.The move will see all these institutions provide the bureau with the necessary information on their customers to enrich its database.It essentially means that any failure to settle your debts, be it for credit purchases or utility bills will directly affect your credit history.Chief Executive of XDS, George Ahiafor explained to Joy Business it will give the real meaning to reducing the cost of credit, when completed.He said the banks have always blamed the excessively high interest rates in the country on risk and that once the information provided by bureau helps to assess the credit risk of borrowers, banks can reduce their own risk and interest rates as well.He added that individuals must ensure that their banks provide their credit history to the bureau to improve their chances of securing credit at competitive rates.Source: Joy Business/Ghana