“(a) Have data exchange agreement with a least two (2) licensed private
credit bureaux and obtain credit report from, at least two (2) credit
bureaux before granting any facility to their customers,
(b) Obtain quarterly credit report from, at least two (2) bureaux for all
previous loans/facilities granted to assist in the determination of the
borrowers current exposure to the financial system,
(c) Lending institutions shall provide accurate credit information on their
customers and update the status of the credit regularly to reflect the
true position of the credit at all times, and
(d) Lending institutions shall also ensure that only customers with
performing or favorable credit reports are granted fresh or additional
So who are these guys that will be combing through our data?? They are;
These guys will be pouring through countless data from banks including loans and all forms of credit. If you are a regular defaulter with loans they will know and inform other banks in case you decide to jump ship. They will also know if you are a chronic borrower and if you are the type that can afford to get a loan or not. The Cash-less society will bring with it massive changes in the financial sector part of which will be Credit cards and all kinds of consumer credit products. We already have them here but now the reach will be contagious. On the back of that banks will need to have some form of third party reliable source for crating would be borrowers.
Next time you apply for a loan and get it, have it at the back of your mind that these guys will be collating data and analyzing your credit worthiness.