Regulatory Alerts2020-06-22
Credit Reporting Regulations 2020
Issued by the Minister responsible for Finance and Economic Planning on the advice of the Bank of Ghana, these regulations establish comprehensive standards governing credit bureaus and data providers to ensure accurate, secure, and confidential management of consumer credit information. The rules mandate monthly data submissions from financial institutions and designated third-party sources, requiring bureaus to implement robust cybersecurity measures, maintain strict data integrity, and correct errors within seventy-two hours. Furthermore, the regulations expand permissible data sources, enforce strict corporate governance for credit bureau boards, and guarantee consumers free annual access to their credit reports alongside a structured dispute resolution process.