Ghanaians have been cautioned against providing inaccurate personal data to financial institutions and other institutions participating in the Credit Reporting System (CRS).

The advice comes on the back of the expansion of the list of companies that can participate in Ghana’s Credit Reporting System.

The Credit Reporting System (CRS) is a database established under Act 726 to promote the sharing of information on the credit history of debtors with lenders and other users of the System.

The Bank of Ghana recently extended the CRS to include Telecommunication Companies, Utility Companies, Retailers, Mobile Money Operators, FinTechs, Student Loan Schemes provided by private or government agencies among others.

Speaking to Citi Business News following the expansion of the list, Banking Consultant Nana Otuo Acheampong said the public must be educated to ensure they do not fall foul of the requirements of the credit reporting system.

“It is not only the responsibility of the institutions to keep accurate data, consumers and users also have to ensure they provide accurate data. We’ve all registered our mobile money accounts, but you’ll be surprised that 30% to 40% are registered in somebody else’s name, which will prove problematic for them down the line and could lead to lawsuits due to disagreements between institutions and consumers. We need a lot of education on this because this is a new field altogether in our environment and therefore people need to be made aware about what is going to go on,” he said.