Regulatory Alerts2010-08-06
Credit Reference Regulations
Issued by the Central Bank of Liberia on August 6, 2010, this regulation establishes the comprehensive legal and operational framework for licensing and supervising credit reference bureaus in Liberia. It mandates licensed financial institutions to submit comprehensive credit data to these bureaus without prior customer consent while requiring the bureaus to maintain accurate records, ensure confidentiality, and deliver reports to authorized recipients for credit, insurance, or employment decisions. The framework further guarantees data subjects the right to access, inspect, and dispute their credit information at no charge, with the Central Bank empowered to enforce compliance through licensing conditions, periodic examinations, and financial penalties for non-compliance.