Regulatory Alerts2022-04-21
Fair Credit Reporting Act, 2021
The Parliament of Barbados enacted the Fair Credit Reporting Act, 2021 to establish a fair credit reporting system and regulate the use of collected data. The Central Bank of Barbados is empowered to license, supervise, and sanction credit bureaus and credit information providers to ensure system integrity and protect data subjects' rights. The legislation mandates strict licensing requirements, defines permissible credit reporting activities, and outlines data subject rights regarding access, correction, and adverse actions.
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