Students Loan defaulters now on Credit Reporting System; debtors info to be made 'public'

Students Loan defaulters now on Credit Reporting System; debtors info to be made 'public'

  • Bank of Ghana has included the Students Loan Trust Fund in the Credit Reporting System
  • This will help boost the recovery of loans people took while they were studying
  • This measure has been put in place to also discourage borrowers from defaulting

Oftentimes, individuals go for loan facilities to help them cater for their tuition during their school years.

Unfortunately, most of these people do not end up paying for the loan per agreement when they are done with their schooling.

In view of that, the Bank of Ghana (BoG) has included the Students Loan Trust Fund (SLTF) in the Credit Reporting System (CRS).

This goes to mean that details of students who borrow from the trust will be included in the credit reference bureau to keep their credit behavior profile.

Students Loan defaulters now on Credit Reporting System; debtors info to be made 'public'
Students Loan defaulters now on Credit Reporting System; debtors info to be made 'public'
Source: UGC

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This measure has been put in place to boost the recovery efforts of the SLTF and also discourage borrowers from defaulting.

In a report filed by Graphic.com.gh, the Chief Executive Officer of the SLTF, Nana Kwaku Agyei Yeboah, noted that the step taken by the BoG is really going to help boost the fund’s loan recovery efforts.

“The BoG adding us as a Credit Reference System institution is in fact a big boost in our loans recovery efforts,” he said.

Agyei Yeboah said when borrowers begin to pay back, it serves as an attraction to access other facilities such as bank loans and mortgages in the future.

The CEO of SLTF said being part of the CRS will enable it get additional information and contacts of its borrowers to help in tracing to wherever they will be for repayment of the loans they took while in school.

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According to the opposition MP, the amount was deposited into her account without her knowledge, and wants the bank to reverse it.

In a Facebook post, she cautioned that she would report it to the Police if the person fails to heed her concerns.

Source: YEN.com.gh

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