BANK of Tanzania (BoT) in collaboration with the International Finance Corporation (IFC), launched a public awareness programme for Tanzanians aiming to increase the understanding, awareness of credit reporting and access to credit.
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 – Credit info and Dun & 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, various categories of stakeholders will become aware of the benefits of utilising 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 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.”