By: Mabel Annang
The Bank of Ghana, BoG has cautioned financial sector players to stop submitting data on the credit history of their clients to credit reference bureau firm, HudsonPrice Data Solution with immediate effect.
In a letter to banks, Specialized Deposit-Taking Institutions and Non-Bank Financial Institutions attributed the action to what the BoG described as persistent non-compliance with the requirements of the Credit Reporting Act 2007.
In view of this, the BoG has withdrawn the license of HudsonPrice Data Solutions, which took effect November 21, 2022.
The Central Bank asked all subscribers of HudsonPrice Service to engage the services of other credit bureaus to remain compliant with the Act 726 not later than December 10, 2022.
Following the BoG’s action, Ghana is now left with two credit reference bureaus namely XDS Data and Dun and Bradstreet.
Some of the credit reference bureaus had in the past complained about difficulties in securing data from some banks to analyse credit history of their clients.
The development forced the regulator to issue a directive to all commercial banks to strictly comply with the Credit Reporting Act.
HudsonPrice Data Solutions was established in 2008, but started operations in 2011 as the second credit reference bureau to be licensed in the country.
According to the company, it has experience in Multi National Credit reporting technology and with a financial partner operating in more than 100 companies.
The bureau aims to contribute in building a banking system with high efficiency and stability through the provision of accurate and comprehensive credit information using sophisticated global technology.