This archive report was first published on 2 September 2021.
Central Bank of Kenya Unveils New Industry Code of Conduct for Credit Information Sharing ¶
Published on September 2, 2021
The Central Bank of Kenya (CBK) has unveiled a new industry code of conduct for credit information sharing, with the aim of promoting transparency and accountability in the sector.
The code has three key objectives: data quality, consumer protection, and customer-centricity.
- Data quality: The code emphasizes the importance of accurate, complete, and up-to-date consumer credit information.
- Consumer protection: The code requires credit bureaus and members to protect consumer credit information against unauthorized access, disclosure, or alteration.
- Customer-centricity: The code promotes the sharing of full file information daily with all licensed credit reference bureaus and the update of credit information as soon as any change occurs.
The code also outlines 12 credit reporting principles, including lawfulness, minimality, consent and purpose specification, data retention periods, information quality, notification to consumers, full file sharing, security and confidentiality, access to credit information, data standardization, customer complaints and dispute resolution.
The code is designed to promote transparency and accountability in the credit information sharing industry and to protect consumers from unauthorized access to their credit information.
