Explainers
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.