Regulatory Alerts2010-01-01
The Credit Reporting Act, 2010
The Parliament of Jamaica enacted the Credit Reporting Act, 2010 to regulate the sharing of credit information and establish a licensing framework for credit bureaus supervised by the Bank of Jamaica. The legislation mandates that credit bureaus obtain licenses from the Minister, ensuring directors are fit and proper persons, while strictly prohibiting unauthorized disclosure of consumer credit data. It further imposes rigorous obligations on credit information providers to ensure data reliability, accuracy, and consumer consent before sharing financial details with licensed bureaus.
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