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Credit Score Set to Determine Eligibility of Checkbook Applicants

Credit Score Set to Determine Eligibility of Checkbook Applicants
Credit Score Set to Determine Eligibility of Checkbook Applicants

A new system will be introduced soon by banks to evaluate the creditworthiness of those applying for checkbooks, a lawmaker said admitting that the existing ways and means are not up to the mark.
"The present platform lacks several key features such as issuance of checks for collateralization or as guarantee. Moreover, for the elderly and those who do not have smart phones it is difficult to use of the system
It also does not block the deposits of those whose checks are rejected," Abolfazl Aboutorabi was quoted as saying by Fars News Agency.

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