credit scoring

Credit Scoring System: How It Works And Its Relevance
12 Nov

Credit Scoring System: How It Works And Its Relevance

Wontumi1Business
Technological advancement has given modern financial lenders an unparalled capacity to reduce lending risk, now that lenders can utilize more customer data than ever to make informed considerate lending decisions. Lenders stay in business when borrowers pay back loans. Some borrowers consistently make prompt payments while others are slow to repay and still others default – meaning they do not pay back the money they borrowed. So how do lenders distinguish between good borrowers and risky ones? They rely on various proprietary credit scoring systems that use past borrower repayment history and other factors to predict the likelihood of future…
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Ghana To Introduce Credit Scoring Next Year
27 Nov

Ghana To Introduce Credit Scoring Next Year

Wontumi1Business,
Ghana is set to introduce credit scoring system next year to allow Ghanaians access to personal loans and help financial institutions control allocation of risks and costs with their clients. Vice President Dr. Mahamudu Bawumia announced this at the 57th congregation of the Kwame Nkrumah University of Science and Technology (KNUST). He believes that the credit system will ensure discipline in the payment of loans. “Ghana early next year will be introducing a credit scoring system for individuals. Every individual will have a credit score. Right now, our credit scoring system does not exist. “So, everybody is seen as risky…
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