Regulatory Alerts2013-11-14 | BSD/DIR/GEN/LAB/06/051GUIDELINES FOR THE LICENSING, OPERATIONS AND REGULATION OF CREDIT BUREAUX AND CREDIT BUREAUX RELATED TRANSACTIONS IN NIGERIA
1. Creation and regulation of credit bureaus by the Central Bank of Nigeria (CBN) 2. Collection, storage, and use of Credit Information must comply with the Nigerian Data Protection Regulation (NDPR) and this guideline 3. Prohibition on disclosing credit information without consent from the data subject except as specified in the guideline 4. Users of credit information are required to provide accurate data and adhere to the Fair Lending Principles, and are accountable for any misuse of credit information 5. Data Providers must obtain authorization before providing Credit Information to a Credit Bureau and verify their eligibility to access credit information 6. Creation of an appeal process to resolve disputes related to credit information or operations between parties 7. Ongoing monitoring, supervision, and examination of activities of credit bureaus by the CBN 8. Submission of required returns, audited financial statements, and other relevant information to the CBN 9. Compliance with the Central Bank Credit Risk Management System (CRMS)