Regulatory Alerts2014-07-31
Credit Bureau Regulations under the Bank of Namibia Act 1997
The Namibian Minister of Finance, in consultation with the Bank of Namibia, has promulgated regulations establishing a comprehensive licensing and operational framework for credit bureaus. The rules mandate that all credit bureaus obtain and maintain a Bank-issued licence while fulfilling strict obligations regarding data collection, reporting accuracy, confidentiality, and information provider cooperation. Furthermore, the regulations safeguard data subjects by guaranteeing access to credit reports, enabling challenges to incorrect information, and prohibiting the inclusion of demographic data such as race or religion in credit files.
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