BoT, IFC launch public awareness campaign on credit reporting

16Apr 2019
The Guardian Reporter
DAR ES SALAAM
The Guardian
BoT, IFC launch public awareness campaign on credit reporting

BANK of Tanzania (BoT) in collaboration with the International Finance Corporation (IFC) have launched a public awareness programme for all Tanzanians aiming to increase the understanding, awareness of credit reporting and access to credit.

BANK OF TANZANIA

The public awareness campaign “Get Your Credit Report Today and Check your financial health to plan a better tomorrow” is supported by various players across the financial sector who have pledged their commitment to spread the awareness message of why access to credit is important and how people can live a better life by having access to their credit reports and history.

A credit report is a document that shows details of a person’s borrowings and repayment pattern. A good credit history means that a person is financially creditworthy.

The credit reports prepared by credit bureaus - Creditinfo & Dun and Bradstreet – can be obtained from the bureaus by anyone freely once a year.

Speaking on the launching, the Bank of Tanzania Governor, Prof. Florens Luoga said the Banks and other stakeholders’ have commitment to increase awareness on credit reporting system and financial literacy as important elements in the functioning of the credit market, financial intermediation, financial stability and overall economic development of our country.

“It is envisaged that, through this awareness campaign, the various categories of stakeholders will become aware of the benefits of utilizing the credit reference system,” he said

The governor explained that message will be targeted to both lenders and borrowers in order to foster an entrenched appreciation of the credit-reporting tool and the benefits to all stakeholders.

Meanwhile, the Assistant Manager responsible for Credit Reference Operations from the Bank of Tanzania (BoT), Nkanwa Magina, said in today’s era, a credit report is one of the most important documents in one’s financial life."Your credit report is a critical indicator of your financial health. It shows the details of the money you have borrowed and repaid, or you are busy repaying, and helps lenders predict how likely you are to repay the loan and timely make the payments,”

 The banks use credit information to decide whether to give you the loan or not, and on what terms.

The Country Manager - IFC, Manuel Moses said that a credit report helps lenders to predict how likely one is to repay a loan and make payments when they are due.

The Head of Business Development of Creditinfo, Tonny Missokia added that in order to improve your credit score you must pay your bills on time.

"Don't ignore your debts and financial obligations. It will only add to your problems. Do not wait until you cannot pay your bills. As soon as you have financial problems, talk to your creditor and try to work out a payment arrangement while your financial situation improves," he said

The Manager of Business Development – Dun&Bradstreet, Josephine Temu, said if you find errors in your credit report, you should contact the credit bureaus, Creditinfo or Dun &Bradstreet, to dispute the information and request that the information be corrected accordingly. 

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