The Bank of Ghana is warning customers of banks who issue dud cheques to desist from that since their chances of securing a credit facility with a financial institution will be adversely affected.

On its Financial Literacy dubbed “Improving Your Credit Worthiness’, the Central Bank urged customers to pay their loans on time to maintain good credit history.

This is because the credit history shows how they managed the repayment of their past loans including the timeliness of the payment, adding, “A weak credit history may affect your chances of getting new loans from any financial institution”.

It further said “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.”

The Central Bank questioned, “Did you know that Retailers, Telcos, Fintech Service Providers, Student Loan Trust, Utility Companies and other credit providers etc. may now share information on your indebtedness to them to Credit bureaus licensed by BoG?”

It noted that 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 is required before any authorised institution obtains access to their credit report or share their credit information.

The Central Bank urged borrowers to submit a complaint to the credit bureau or their financial institution, if they dispute the content of their credit report.