Regulatory Alerts2008-07-01 | Circular 27/2008Added
Circular 27/2008 — Operations and Activities of Credit Reporting Agencies and Their Users
This circular establishes general rules for credit reporting agencies (CRAs) and their users regarding the processing of Special Credit Reports, credit reports, complaints, and data maintenance. It mandates that CRAs provide one free Special Credit Report per year via specific channels, defines identity verification requirements for individuals and businesses, and sets maximum fees for additional requests. It regulates credit offers by establishing authorization protocols, including verbal and electronic consent, and requires CRAs to remove negative credit history information after 12, 24, or 48 months depending on the outstanding principal balance in UDIS. Additionally, it outlines procedures for CRAs to exchange primary data bases through independent experts if they cannot reach an agreement within 30 days.
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