Credit Bureau Cambodia

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The CBC Code of Conduct

Credit Reporting System of Cambodia

CODE OF CONDUCT

(1) The Credit Reporting System Service Providers CRSSP (as hereinafter defined) is in the business, inter alia, of the provision of credit reports and additional services on a systemic basis, relating to Consumers (as hereinafter defined) for purposes of fostering reliable, competitive and responsible lending.

(2) Subject always to the Laws of Cambodia and the Law on Banking and Financial Institutions and the Prakas on Credit Reporting, information received by the CRSSP includes Credit Information (as hereinafter defined) supplied by Data Providers (as hereinafter defined) of the CRSSP relating to Consumers (as hereinafter defined) who are the customers of Data Providers.;

(3) Subject always to the Law on Banking and Financial Institutions and the Prakas on Credit Reporting and other applicable laws, the CRSSP shall provide Credit Information on Consumers to Data Providers;

(4) Information supplied to the CRSSP and information provided by the CRSSP includes, inter alia, Consumer’s Credit Information (as hereinafter defined) which is confidential;

(5) The CRSSP and the Data Providers/ must maintain the general confidentiality of Credit Information received by the CRSSP subject only to such disclosure as may be authorized or permitted by the Laws of Cambodia, the Prakas on Credit Reporting or applicable law;

(6) The CRSSP and the Data Providers desire to address concerns relating to the protection of rights to Credit Information, the rights of Consumers to keep Credit Information confidential and use of Credit Reports and ensure transparency and accountability in the operations of the CRSSP by observing the terms appearing or referred to herein;

(7) The CRSSP and the Data Providers agree that confidential Consumer Credit Information shall be supplied to, and provided by, the CRSSP subject to the Law on Banking and Financial Institutions and the Prakas on Credit Reporting and to terms appearing or referred to herein;

(8) The Data Providers agree to request and use confidential Consumer Credit Information from the CRSSP subject to the Law on Banking and Financial Institutions, the Prakas on Credit Reporting and to terms appearing or referred to herein;

(9) The CRSSP and the Data Providers agree to conduct the operations of the CRSSP and be governed, subject to the terms appearing in the Law on Banking and Financial Institutions and the Prakas on Credit Reporting or referred to herein; and

(10) The CRSSP and the Data Providers agree to ensure compliance with the Law on Banking and Financial Institutions, the Prakas on Credit Reporting and this Code and to process complaints as to non-compliance of the Law on Banking and Financial Institutions, the Prakas on Credit Reporting and this Code through the User Group/ “Credit Reporting Council” (as hereinafter defined) subject to the terms appearing or referred to herein,

NOW this Code of Conduct is established by CRSSP for and on behalf of itself, Consumers, and the Data Providers

CODE OF CONDUCT

Clause 1: DEFINITIONS

In this Code, the following words shall have the following meaning unless the context otherwise requires:

1.1 “Adverse Action” means the denial of credit, or change in the conditions and terms of the credit or loan based on information contained in a credit report.

1.2 “Advisory Council” means an advisory committee formed by data providers, independent experts, board of directors, the NBC and other relevant authorities.

1.3 “Authorized Users”: means each of the final persons that will have authorized access (uploading and downloading) to the database. It includes designated employees of Data Providers, employees of CRSPs and designated employees of the National Bank of Cambodia (NBC).

1.4 “Business Day” means days on which banks in Cambodia are open for the transaction of business.

1.5 “Code of Conduct”: means this Code, the rules and regulations governing the operations of credit reporting system (CRS) in an agreement between the NBC and the Authorized Users.

1.6 “Commencement Date” For the purpose of this Code means the date that CRS will start providing credit reporting activities (CRA) to their subscribers and Authorized Users.

1.7 “Complainants” means Consumers or Data Providers or Authorized Users who lodge Complaints as to alleged breach(es) of this Code pursuant to Clause 9.1 and “Complainant” means any of them;

1.8 “Complaints” means complaints as to alleged breaches(es) of this Code lodged by Complainant pursuant to Clause 9.1 and “Complaint” means any of them;

1.11 “Consent” means a written and voluntary authorization signed by the Consumer allowing Data Providers to share Credit Information held about him/her with credit reporting service providers and Authorized Users to access his Credit Information for specific purposes described in the authorization within the limits of the Prakas on Credit Reporting.

1.12 “Consumer”: means any legal or natural person whose data has been or might have been included in CRS as a consequence of a contractual relation with a lender or a lending application signed by him/her or any other legitimate purposes.

1.13 “Covered Entities”: means the entities as defined in the Law on Banking and Financial Institutions, and other financial institutions obtained approval from the NBC.

Credit Information” means Information related to the economic and financial obligations of a Consumer, including the payment history of such obligations, guarantees, publicly available information and any other relevant data for credit decision making.

− “Credit Reporting System” (CRS): means institutions, rules and standards, technology and data which enable exchange of credit information among all covered entities.

− “Credit Reporting Activities” (CRA): means any activities that fall under the scope of the Prakas on Credit Reporting, including the provision of credit reports and other relevant services.

1.13 “Credit Reports” means any written, electronic or other communication(s) of Credit Information in such format as may be determined by CRSSP for provision to Data Providers pursuant to the terms of Subscriber Agreements (a specimen of which is set out in Appendix 2) and “Credit Report” means any of them.;

“Credit Reporting System Service Providers” (CRSPs): means any entities that conduct credit reporting activities and obtain license from the NBC.

− “Data Providers”: means (i) Covered Entities, and (ii) any other entities that service credit in any forms and voluntarily furnish information to the CRS.

1“Disputed Information Notice” means any Complaint received in respect of the accuracy or completeness of Credit Information lodged by a Consumer. and/or Data Provider

1.18"Negative Credit Information" means any information relating to the overdue, past

due, charge-off, or delinquent status of a credit transaction between a Consumer and a

Data Provider.

1.22Permissible Purpose” means any one or more of the following purposes:

1.14 To evaluate the creditworthiness and over indebtedness of a consumer in relation to a credit or loan application.

1.15 To support the NBC in its supervisory role to monitor credit flow of the financial system, analyze data to produce financial stability reports, and to supervise banking and financial institutions.

1.16 To evaluate credit risks, and/or to review or give a credit or loan.

1.17 To evaluate risks associated with the transactions of deferred payments.

1.18 To allow the consumer to confirm the accuracy of his or her information in a credit report.

1.19 To evaluate or audit the efficiency, reliability and legal compliance of the CRS.

1 “Positive Credit Information/Credit Data”: means consumer’s information or data, including loan applications, and total credit exposures such as loan size, maturity, terms and conditions, and collaterals.

1.

a. 1Privacy notification” means a notice informing the Consumer of the Name of the Data Provider collecting the Credit Information, the Purpose of the Credit Information collection, the name and address of the CRS and where and how to access their Credit Information in case there is a need to correct or modify their Credit Information.

1.20“Rules of Reciprocity” means a set of norms defining the level of mutual or cooperative

interchange of information between Data Providers.

1.26

1.28 “Services" means:

(i) the provision by the CRSSP of Credit Reports to Data Providers/ or Authorized Users for a

Permissible Purpose; or

(ii) the provision by the CRSSP of other Services from time to time to Data Providers subject always to the same not being prohibited by this Code, the Prakas on Credit Reporting or the Law on Banking and Financial Institution;

1.25“Subsciber Agreements” means the agreements for the provision of Services made

between the CRSSP and Data Providers and “Subscriber Agreement”

means any of them.

Clause 2: APPLICATION OF THE CODE

2.1 This Code applies to the following:

2.1.1 The Credit Reporting System in Cambodia,

2.1.2 All Data Providers and Consumers, and

2.1.3 Any person or entity who is permitted to have any access to Credit Information

by the CRSSP or Data Providers or Authorized Users subject to the terms of this Code.

Clause 3: DATA PROVIDERS SUPPLY OF CREDIT INFORMATION TO CRSSP

3.1 Subject to the terms of the relevant Subscriber Agreement, each Data Provider shall supply to the CRSSP Credit Information and data relating to Consumers who are their Customers and in the data formats and frequency as specified in the Prakas on Credit Reporting or the Subscriber Agreement or in such other form as the CRSSP may reasonably require subject always to the Law on Banking and Financial Institutions , the Prakas on Credit Reporting and other applicable law and in compliance with the Rules of Reciprocity. The data will be collected by lawful and fair means and will include only the necessary information to obtain a valid identification and credit payment behavior of the consumer.

3.2 Subject to Clause 3.4, each Data Provider will use their best endeavors to make sure that they regularly update all Credit Information and data supplied to the CRSSP pursuant to the Prakas on Credit Reporting or the terms of the relevant Subscriber Agreement and take all necessary steps to ensure that the Credit Information supplied by it (including all updates) is accurate, complete and up-to date.

3.3 Subject to Clause 3.4 and the terms of the Prakas on Credit Reporting and the relevant Subscriber Agreement, each Data Provider shall take all necessary precautions to ensure that all Credit Information and data supplied to the CRSSP (including all updates) is accurate, complete and up-to date up to the relevant update cycle date and provided always that the same is permitted to be disclosed to the CRSSP and is so disclosed in accordance with the provisions of the Law of Banking and Financial Institutions and the Prakas on Credit Reporting..

3.4 Where any Data Provider has supplied Credit Information to the CRSSP which results in a Negative Credit Information appearing in respect of a Consumer , the Data Provider may update the status of such Credit Information entered into the CRSSP’s Negative Credit Information in respect of the relevant Consumer but is not obliged to so update the status of such Credit Information unless:

3.4.1 the relevant Credit Information initially supplied was inaccurate as of the date that the same was initially supplied to the CRSSP;

3.4.2 the relevant Consumer has/have disputed the status of such Credit Information by way of a Complaint, in which event the Data Provider shall, within [90] days of receiving notification of the same, confirm the current status of such Credit Information;

3.4.3 there has been a full settlement or negotiated settlement of all outstanding amount(s) by the relevant Consumer (in which event, the Data Provider shall update the Credit Information appearing in the relevant Negative Credit Information within [90] days of such settlement occurring); or

3.5 Data Providers will be accountable for any incorrect information sent to the CRS.

3.6 Data Providers shall correct the data immediately and establish adequate

mechanisms to ensure that all Authorized Users that have access the data in the previous 36 months are aware of such error and receive the correct information.

3.7 Data Providers shall be liable for any claim from the consumers regarding incorrect information.

Clause 4: CRSSP’S OBLIGATIONS IN RESPECT OF CREDIT INFORMATION

4.1 CRSSP shall ensure the integrity of the database at all times. All necessary steps must be taken to prevent misuse or unauthorized access, data loss or data corruption.

4.1.1 CRSSP shall have systems, processes and procedures to ensure data recovery and disaster plans to prevent data loss or data corruption.

4.1.2 Access to the database will be restricted to Authorized Users.

4.1.3 CRSSP shall establish adequate mechanisms to ensure that data will be used only for Permissible Purposes or other lawful purposes with Consumer’s written consent.

4.2 The CRSSP shall ensure that it provides no Credit Information to any person or entity except that it may:

4.2.1 provide a Credit Report on a Consumer to any Data Provider or Authorized User who so enquires provided always that such enquiry shall be made by a Data Provider or Authorized User who asserts that it is made for a Permissible Purpose and in respect of a Consumer who is –

4.2.1.1 a Customer of (or has applied for credit facilities from) such Data Provider; or

4.2.1.2 a Guarantor of a Customer of (or a guarantor of a party who has applied for credit facilities from) such Data Provider, regardless of whether such Customer or party be a natural person, an unincorporated entity, a corporate entity or any other entity;

4.2.1 CRSSP’s shall correct the data immediately and establish adequate mechanisms to ensure that all Authorized Users that have access the data in the previous 6 months are aware of such error and receive the correct information in the following updates

4.2 Without prejudice to the generality of Clauses 4.1 and 4.2, CRSSP’s shall take measures, including the following, to safeguard the security of Credit Information:

4.2.1 establishment of controls and procedures to be applied when Data Providers or Authorized Users seek access to Credit Reports;

4.2.2 maintenance of logs of all accesses, amendments and audit trails to CRSSP’s database;

4.2.3 review on a regular basis, of password controls of all CRSSP’s personnel and Data Provider or other Authorized Users;

4.2.4 review, on a regular basis, of patterns of usage of the information systems, with a view to detecting and investigating any unusual or irregular patterns of access or use;

4.2.5 organization of workshops in relation to this Code and, in particular, good security practice for attendance by authorized representatives of Data Providers/ or other Authorized Users;

4.2.6 development of operational guidelines and disciplinary and contractual procedures to be applied in relation to improper use of accesses authorities by CRSSP personnel, and /or Data Providers and/or other Authorized Users by them; and

4.2.7 development of operational guidelines to ensure adequate protection to minimize the risk of unauthorized entry into the CRSSP database or interception of communications made to and from the CRSSP database.

4.5 Without prejudice to the generality of Clauses 4.1 and 4.2, the CRSSP may collect, assess, collate, synthesize, process, edit, re-sort and/or combine Credit Information or Public Data (or any part thereof) in such manner as it thinks fit so as to generate Credit Reports.

4.6 Without prejudice to the generality of Clauses 4.1 and 4.2, Credit Information held by the CRSSP may be retained by it and used for the development of derivative products for Data Providers or Authorized Users such as scorecards, behavioral predictive models and similar products provided that it shall not thereby reveal the identity of any Consumer and/or Data Provider.

4.7 Credit Information collected by CRSSP will be distributed among Data Providers for a period of ten (10) years from the payment deadline date in the case of Positive Credit Information.

4.8 Court judgment data will not be distributed after three (3) years from the execution date.

4.9 Bankruptcy data will be kept for a period of five (5) years from the payment deadline.

4.10 Negative Credit Information will be kept for a period of three (3) years from the payment deadline.

4.11 4.12 Public Data shall be retained by the CRSSP only so long as required

Clause 5: DATA PROVIDER’S OR AUTHORISED USER’S OBLIGATIONS IN RESPECT OF CREDIT INFORMATION OBTAINED FROM CRSSP

5.1 Each Data Provider/Subscriber shall ensure that it does not make an enquiry requesting for a Credit Report from CRSSP unless such enquiry is made for a Permissible Purpose, in compliance with the Prakas on Credit Reporting and in respect of a Consumer who is –

5.1.1 a Customer of (or has applied for credit facilities from) such Data Provider.

5.1.2 a guarantor of a Consumer or (guarantor of a party who has applied for credit facilities from) such Data Provider, regardless of whether such Customer or party be a natural person, an unincorporated entity, a corporate entity or any other entity.

5.2 Each Data Provider or Authorized User shall ensure that it retains adequate evidence to establish the existence of a Permissible Purpose in respect of each enquiry for a period of not less than seven (7) years from the date of the relevant enquiry (and it shall be adequate if the Data Provider can establish in the case of automated operations that the relevant computer programme(s) required the relevant Customer to indicate that he or she was a Customer or Guarantor or was applying for credit facilities before an enquiry was requested from the CRSSP ).

5.3 CRSSPs Data Providers and Authorized Users shall ensure the integrity of the database at all times. All necessary steps must be taken to prevent misuse or unauthorized access, data loss or data corruption.

5.4 CRSSP’s shall have systems, processes and procedures to ensure data recovery and disaster plans to prevent data loss or data corruption.

5.5 Access to the database will be restricted to Authorized Users.

5.6 CRSSP’s shall establish adequate mechanisms to ensure that data will be used only for Permissible Purposes or other lawful purposes with Consumer’s Consent according to article 7 of the Prakas on Credit Reporting

5.7 Data Providers must ensure they have in place adequate security measures, policies and procedures

5.3 Each Data Provider /Subscriber or Authorized User shall ensure that it:

5.3.1 shall only use Credit Information obtained from the CRS for a Permissible Purpose and/or such other purposes as permitted by applicable law; and

5.3.2 discloses no Credit Information provided to it by the CRSSP to any person or entity except that it may make such disclosure of the same as is authorized by the Law of Banking and Financial Institution, the Prakas on Credit Reporting or other applicable law or required in accordance with the Laws of Cambodia.

5.4 Without prejudice to the generality of Clauses 5.1, 5.2 and 5.3, each Data Provider/ or Authorized User shall take measures, including the following, to safeguard the security of Credit Information provided to it by the CRSSP:

5.4.1 establishment of controls and procedures to be applied when access is sought to Credit Reports to ensure that there are no unauthorized requests for Credit Reports;

5.4.2 maintenance of logs of all accesses, amendments and audit trails to the database of Credit Information supplied by it to the CRSSP and/or provided to it by the CRSSP (including logs of all incidents involving proven or suspected breach(es) of security which contain particulars of the records affected and explanation(s) of the circumstance(s) and action(s) taken);

5.4.3 review, on a regular basis, of password and other controls over all personnel (whether or not employed by the Data Provider) authorized to access the database of Credit Information provided to it by the CRSSP so as to prevent unauthorized access to the same;

5.4.4 review, on a regular basis, the patterns of usage of the applicable information systems, with a view to detecting and investigating any unusual or irregular patterns of access or use so as to deter unauthorized use of Credit Information;

5.4.5 attendance by relevant personnel (whether or not employed by the Data Provider) at workshops organized by the CRSSP relating to this Code and, in particular, good security practice for attendance by authorized representatives of Data Providers or other Authorized Users;

5.4.6 development of operational guidelines and disciplinary and contractual procedures and penalties to be applied in relation to improper use of access authorities and/or improper use of Credit Information by its personnel, authorized agents and/or persons authorized by the Data Provider or other Authorized Users; and

5.4.7 development of operational guidelines to ensure adequate protection to minimize the risk of unauthorized entry into the database of Credit Information provided to it by the CRSSP or interception of communications made to and from such database.

6 When an Adverse Action against a Consumer has taken place, as a result of a CRS enquiry, the Data Provider shall notify the Consumer accordingly within 5 Business Days.

6.4.4

Clause 6: CONSUMER’S ACCESS TO OWN INFORMATION

6.1 A Consumer who established his or her identity to the reasonable satisfaction of CRSSP is entitled to request disclosure of any Credit Information pertaining to him/her once a year, on a free basis. A charge will be applicable if he/she request for another Credit Report on himself/herself within the same year.

6.2 The Credit Report to the Consumer shall be provided within 10 Business Days since the receipt of the request.

6.3 CRSSP will provide the Consumer with a copy of all their Credit Information including the name of the Data Provider and the list of all Data Providers that have accessed the Credit Information within the last six (6) months.

6.4 CRSSP may impose reasonable conditions for the release of Credit Information to a Consumer pursuant to Clause 6.1 and may require that the Consumer acknowledge acceptance of such conditions in such manner as the CRSSP thinks fit.

6.5

Clause 7: INVESTIGATION INTO DISPUTED INFORMATION

7.1 A Consumer (in respect of himself or herself) and/or a Data Provider (in respect of any of its Customers) may notify the CRSSP in writing that the completeness or accuracy of any item of Credit Information is disputed, specifying the particulars of the same. Upon receipt of such notification the CRSSP shall investigate the completeness or accuracy of the disputed Credit Information in consultation with the Data Provider and/or other sources who or which provided the disputed information

7.2 The disputed Credit Information shall remain part of the Credit Report on the relevant Consumer:

7.2.1 until such time as the investigation is completed and a determination is made as to whether the disputed Information should be rectified, updated or re-affirmed; or

7.2.2 unless a NBC otherwise directs,

provided always that all Credit Reports generated in respect of the relevant Consumer during such period shall contain a cautionary note to the effect that Credit Information on the relevant Consumer is under investigation and disputed and shall indicate the disputed item(s) under investigation.

7.3 The CRSSP shall complete its investigation into the completeness or accuracy of the disputed item(s) specified as expeditiously as practicable and:

7.3.1 the disputed Credit Information shall be rectified or updated (if found by the CRSSP to be incomplete or inaccurate) or re-affirmed (if found by the CRSSP to be complete and accurate) and the CRSSP shall compile a report including therein the results of its investigations and all measures and actions taken arising there from and such report shall forthwith be entered into the CRSSP’s operations log;

7.3.2 the Data Provider or Subscriber shall complete their investigation of disputed Credit Information within 5 Days of receipt of the notice of the disputed Credit Information and report their findings to the CRSSP.

7.3.3 if the investigation cannot be completed by the Data Provider or Subscriber within 5 Business Days from their receipt of the Disputed Information Notice whether due to lack of resource or coordination of the Data Provider and/or other Public Data sources in question or otherwise, the CRSSP shall inform the Consumer concerned and the Data Provide and/or other Public Data sources in question that it requires more time to complete its investigation and notify the NBC; and

7.3.4 if the investigation cannot be completed within the required timeframes of if the dispute cannot resolved then the matter should forthwith be referred to the NBC.

7.4 The CRSSP and every Data Provider shall take all reasonable efforts to ensure that all parties (including Individuals and Customers) involved in investigations are bound by the provisions of this Code

A Consumer dissatisfied with the decision may appeal to NBC (oversight unit). The decision made by NBC shall be supported by specific reasons and grounds

7.1 If the Consumer is not satisfied with NBC’s decision, further appeal may be made to the Court of Appeal in order to examine the grounds for the NBC’s refusal.

Clause 8: RECTIFICATION AND UPDATING OF CREDIT INFORMATION BY CRS

8.1 The CRSSP shall take all reasonable efforts to ensure that Credit Information on a Consumer is updated as soon as practicable. In particular, CRSSP shall as soon as practicable update Credit Information regarding a Consumer:

8.1.1 when it receives Credit Information from a Data Provider that any

overdue account previously notified to the CRSSP has been repaid in whole or in part;

8.1.2 when it determines that any Credit Information is materially incomplete or accurate whether or not there has been an investigation arising from a

Complaint made by a Consumer;

8.1.3 when so directed by NBC ; or

8.1.4 if so required under the Laws of Cambodia, the Prakas on Credit Reporting and any applicable laws or regulation of Cambodia

8.2 The CRSSP shall rectify Credit Information regarding a Consumer when it becomes aware that any Credit Information regarding a Consumer was inaccurate at the time when the same was received by the CRSSP. In particular, the CRSSP shall:

8.2.1 rectify the Credit Information when such rectification is requested or confirmed by the Data Provider who, or source(s) which, supplied the same; and

8.2.2 rectify Credit Information obtained by the CRSSP from any Public Record(s) when there is an amendment or correction made to the Public Data by the party responsible for maintaining such Pubic Data.

8.3 Whenever the CRSSP rectifies any Credit Information the CRSSP shall compile a report including therein the circumstances leading up to the rectification, the cause(s) of the inaccuracies, and all measures and actions taken arising there from and such report shall forthwith be entered into the CRSSP’s operations log.

Clause 9: COMPLAINTS AS TO BREACH(ES) OF THIS CODE

9.1 If a Consumer in respect of himself or herself and/or a Data Provider in respect of itself and/or any of its customers (such a Consumer and/or Data Provider hereinafter referred to as the “Complainant”) is of the opinion that the CRSSP and/or any Data Provider or Authorised User has breached its obligations under this Code, the Complainant may lodge a Complaint in writing specifying the nature of the alleged breach(es) (hereinafter referred to as the “Complaint”) to the CRSSP for investigation and (when so required under this Code) reference to the NBC .

9.2 The CRSSP and/or any Data Provider or Authorised User shall forthwith subject any Complaint received by them to the process as set out in Clauses 9.3, 9.4, 9.5 and 9.6 (including, where so provided, reference to NBC.

9.3 Upon receipt of a Complaint, the CRS shall investigate the same in consultation with the Data Provider/Subscriber or Authorised User and/or Public Data providers or other parties (if any) as may be concerned.

9.4 Pending resolution of the Complaint, any disputed Credit Information as may be raised in the Complaint shall remain part of the Consumer Credit Information

9.4.1 until such time as the investigation is completed and a determination is made as to whether the Disputed Information should be rectified, updated or re-affirmed; or

9.4.2 unless the Credit Reporting Oversight Unit otherwise directs,

provided always that all Credit Information generated in respect of the relevant Consumer during such period shall contain a cautionary note to the effect that the Credit Information on the relevant Consumer is under investigation and disputed and shall indicate the disputed item(s) under investigation.

9.5 The CRSSP shall complete its investigation into the Complaint as expeditiously as practicable and shall take all measures as it may consider appropriate arising from the same (including, where the CRSSP considers necessary, rectification of Credit Information and compile its report on the Complaint including therein the results of its investigations and all measures and actions taken arising there from and such report shall forthwith be entered into CRSSP’s operations log.

9.6 Without prejudice to Clause 9.5, CRSSP shall:

9.6.1 (subject to Clauses 9.6.3 and 9.6.4) ensure that its report on the Complaint is entered into the CRSSP’s operations log within 2 Business Days from date of receipt of the Complaint;

9.6.2 if the investigation cannot be completed within 20 Business Days from date of receipt of the Complaint, the CRS shall inform the Complainant that it requires more time to complete its investigation;

7.3.5 if the investigation cannot be completed within the required timeframes of if the dispute cannot resolved then the matter should forthwith be referred to the NBC.

9.6.3 and

9.6.4 ensure that its report on any Complaint withdrawn by a Complainant (including therein the reason(s), if any, for such withdrawal and all measures and actions taken by the CRSSP arising there from) shall be entered into the CRSSP’s operations log within 2 Business Days of such withdrawal.

9.7 The CRSSP and every Data Provider shall take all reasonable efforts to ensure that all parties involved in investigations of Complaints and/or the proceedings of the NBC agree to be bound by the provisions of this Code.

Chapter 10: ADVISORY COUNCIL

10.1 The NBC shall from time to time establish an Advisory Council to oversee the application of this Code and the operational integrity of the CRSSP 10.2 Advisory Council” shall on their own initiative or upon inspection of the CRSSP operations log or upon receipt of a dispute or a Complaint or information thereon) to investigate any alleged or possible breach of this Code;

10.2.1 (whether or not any dispute or Complaint has been withdrawn) to recommend an appropriate remedy upon finding that there has been a breach of this Code and/or grounds to rectify Credit Information and such remedy may include:

10.2.2.1 rectification of Credit Information and issuance of the requisite Rectification Notice

10.2.2.2 if the CRSSP is found to be in breach of this Code, such remedial action as the Credit Reporting Council thinks fit in the operations of the CRSSP including proposing amendments to the Code; and

10.2.2.3 if a Data Provider or Authorized User is found to be in breach of this Code, such remedial action as the Advisory Council thinks fit in the operations of the Data Provider/ or Authorized User pursuant to the Law on Banking and Financial Institutions or the Prakas on Credit Reporting.

10.3 In respect of recommendations made by Advisory Council:

10.3.1 any recommendation to rectify Credit Information shall be implemented by the CRSSP within 2 ]Business Days of the Advisory Council’s report being received by the CRSSP unless the Board of Directors of CRSSP ( or an officer of the CRSSP authorized by the Board of Directors) earlier decides otherwise;

10.4 10.5 The CRSSP and every Data Provider or Authorized User submits to the authority of Advisory Council and agrees to abide by and implement the recommendations of Advisory Council.

Clause 11: MISCELLANEOUS

11.1 The CRSSP shall on every Business Day maintain a help desk which shall be manned by personnel trained to respond to queries, provide feedback and process Complaints.

11.2 Each Data Provider shall designate one or more person or persons to deal with queries, feedback or Complaints and to facilitate the fair, simple, speedy and efficient resolution of Complaints.

11.3 The CRSSP will provide facilities for communication with and feedback from Consumers.

Appendix 1

Procedures, Powers, Report & Immunities of Advisory Council”

1. The Advisory Council may meet for the purposes of its work, adjourn and otherwise regulate the conduct of its work as its members may think fit including but not limited to approving matters by circulation.

2. The Chairman may at any time summon a meeting of the Advisory Council which he or she chairs.

3. A majority of the members of the Advisory Council shall be present to constitute a quorum for a meeting of the Advisory Council.

4. Any questions arising at any meeting of the Advisory Council shall be determined by a majority of votes of its members, and in the case of an equality of votes, the Chairman shall have a second or casting vote.

5. Any resolution or decision in writing signed by all the members of the Advisory Council shall be as valid and effectual as if it had been made or reached at a meeting of the Advisory Council where the majority its members were present.

6. Where in the course of its work the NBC or the Advisory Council receives information touching on the operations of the CRSSP or the use of Credit Information by a Data Provider or Authorized User which may give rise to holding that there has been a breach of this Code, the NBC or the Advisory Council may (after giving notice to the CRSSP or Data Provider concerned) decide on its own motion to inquire into that matter and report its findings.

8. Where the NBC or Advisory Council is satisfied that there are no grounds for holding that there has been a breach of this Code, it shall report accordingly and state the reasons for its decision.

9. Where the NBC or Advisory Council is satisfied that there are grounds for holding that there has been a breach of this Code, it shall report accordingly and state the reasons for its decision. The NBC or Chairman shall thereupon:

12.1 make a copy of the report available to the CRSSP, any Data Provider/ or Authorized User concerned and the Complainant (if any);

9.2 report the findings of the to the Board of Directors of the CRSSP, including any findings of a breach of this Code by the CRSSP or a Data Provider or Authorized User and all remedies recommended.

10. All communications made during the proceedings of the Advisory Council shall be made on a strictly “without prejudice” basis and shall not be used in any legal proceedings.

14. No Advisory Council member shall be liable to any party for any act or omission in connection with the constitution and/or work and/or report of the Advisory Council unless the act or omission is fraudulent or involves willful misconduct.

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