XDSData Denies Producing Credit Scores In Ghana

Credit reference bureau XDSData Ghana Limited has denied producing credit scoring data in Ghana.

The reaction comes after it was cited as a credit scoring agency following Vice President, Dr Mahamudu Bawumia’s anticipated launch of a credit scoring system next year.

In a press statement, the bureau said the lack of a unique identifier hinders them from producing credit scores despite their capabilities.

According to the Managing Director of the bureau, George K Ahiafor, credit scoring models require unique identifiers to fully map information.

“Currently, facilities are accessed by individuals using different kinds of identification which makes it difficult for the bureau to be 100 per cent sure of capturing a credit subject’s total exposure. However, XDSData Ghana Limited produces credit information just like any International Credit Bureau, adequate for lenders to be able to make informed credit decisions.”

Background
The conversation around a credit scoring system was generated after Vice President Mahamudu Bawumia announced the launch of a credit scoring system anchored on the Ghana Card next year.

The system aimed at providing credible credit history of individuals will sanitize the financial sector, clear the deficit of trust which has made the cost of doing business expensive and promote discipline, he asserted.

This was rebutted by the Vice President in charge of research at IMANI Centre for Policy and Education, Bright Simons, who posited that a credit scoring system already exists in Ghana with more than eight million people captured with 9.4 million references sought from the system annually.

He further argued that the country has two credit scoring agencies, namely XDS and D&B, who use the acceptable format in deducing the credit score for borrowers.