Dud cheques are cheques that go through the clearing system and therefore do not include internal cheques of financial institution.
A total of 29,334 dud cheques were submitted to credit bureaus in Ghana in 2017. The number represents a 47% reduction from 2016 position of 55,665 submitted records, says the Bank of Ghana.
Dud cheques are cheques that go through the clearing system and therefore do not include internal cheques of financial institution.
Submission of Dud Cheques the Credit Reporting Act, 2007 (ACT 726) requires financial institutions to submit data on dud cheques issued by customers of financial institutions to credit reference bureaus.
Aside a total of 1,418 complaints and disputes were received by banks and financial institutions from customers in 2017. This figure represents an increase of 11% compared to 1,280 complaints in 2016.
Analysts have attributed this high trend to the increased awareness of credit referencing among the public as well as the quality of data submitted to credit bureaus by financial institutions.