Regulatory Alerts2018-01-01
Credit Reporting Act 2018
Enacted by the Parliament of Zambia and administered by the Bank of Zambia, this legislation establishes a comprehensive regulatory framework for credit reporting agencies and the national Credit Registry. It mandates that all credit reporting agencies obtain and maintain a Bank-issued licence, adhere to strict governance and data security standards, and supply credit information to the central registry for retention periods ranging from six months to ten years. The Act grants data subjects specific rights to access their credit files, dispute inaccurate information, and file complaints, while empowering the Bank to conduct inspections, issue enforcement notices, and impose administrative penalties for non-compliance.
Share