Explainers
Published Date: 30 May 2017

Ongoing Credit Checks and Requirements

Financial institutions (FIs) must check a borrower's creditworthiness on an ongoing basis.

To ensure that borrowers are borrowing sustainably, FIs need to conduct various ongoing checks and take action when the borrower's creditworthiness deteriorates.

FIs also need to make certain required disclosures to borrowers who do not pay their bills in full, so that they are aware of the consequences.