Credit Bureau CambodiaRSS Feeds“Successful Credit Bureau Implementation an Important Step for the Cambodian Economy ” Phnom Penh Cambodia – April 11th 2012, 11:00 AM GMT For Global Release Just one year after the Credit Bureau Cambodia (CBC) was formed the positive effects are being felt in the countries banking sector and the general Cambodian economy according to the National Bank of Cambodia, The International Financial Corporation and the CEO of the new bureau. Speaking at the Credit Bureau’s annual update meeting in Phnom Penh to an audience of 300 banking and investment professionals Her Excellency Neav Chanthana, The Deputy Governor of The Bank Of Cambodia addressed the audience stating that “The Cambodia Credit Bureau implementation has been held up as an example of a timely, thorough and well-executed implementation of a centralised credit reporting system internationally. Credit Bureau Cambodia is a central database of credit information that helps banks and microfinance companies share their customer repayment histories. The CBC is a joint venture between the Association of Banks, Cambodia Microfinance Association and Veda Advantage the supplier of the Credit Bureau technology. The CBC started its operations on the 1st of December 2011 and banks and Micro Finance organisations in the Kingdom were granted a 90-day grace period before they were required to complete connection to the system by law. It is now mandatory for all Banks and Microfinance companies to obtain a credit report on any loan applicant as part of the underwriting process. Mr Garry Wood, The Chief Executive Officer of the Credit Bureau Cambodia Co Limited (CBC) stated during his speech: “In the past 12 months The Credit Bureau Cambodia has conducted over 1.7 million credit reports, and increased the average number of credit reports from 120 per day in 2012 to over 11,000 per day in 2013. The appetite for financial products in Cambodia is increasing, whilst at the same time the number of loans being approved based on accurate credit reports is growing. I am pleased to report that the Credit Bureau is stable, sustainable and delivering value to our members. With healthy and transparent lending and credit policies Cambodia is more appealing to external investors, loans are easier to come by and of course those people that are already in debt are protected from becoming over indebted. Mr Antony Lythgoe the Head of Financial Infrastructure for the International Financial Corporation speaking at the event stated, “Inadequate access to formal financial services represents one of the most critical constraints to economic development in particular for rural and self employed households…. Helping customers understand the mechanics of a credit history has been proven to improve repayment behavior, allowing them in turn to access better credit terms, it also allows lenders to better calculate appropriate debt service ratios and thereby prevent customers from becoming over indebted. Making your first birthday in a credit reporting environment and having a functional bureau that is already adding value to all the stakeholders within just twelve months is indeed a creditable achievement” Her Excellency Neav Chanthana stated during her address at the CBC’s anniversary “ We are all starting to better understand that corporate responsibility, reliability and trustworthiness will be the characteristics of a country’s banking sector that will hold the most value to investors in the future. We have made an important step; by improving the transparency of our credit system we have taken a step towards greater sustainability.  Thanks to the CBC we are better equipped to cope with the inevitable increase in the pace of change in the years to come.” The CBC also announced today that it would start to place significant focus on corporate social responsibility with a number of campaigns aligned to education sponsorship for underprivileged children, children’s road safety and children’s sporting activities in Cambodia. Her Excellency Neav Chanthana added “The CBC are sponsoring a number of forward thinking initiatives within our community that assist the least privileged of our society. It is these qualities and commitments to corporate social responsibility combined with robust, responsible business practices that define our standing, reputation and trustworthiness among our peers on a global stage. I expect the CBC to take a leadership position in championing responsible lending and responsible and sustainable business practices within our community in the years to come.” About Credit Bureau Cambodia Limited The mission of the Cambodia Credit Bureau (CBC) is to promote growth in The Kingdom of Cambodia by encouraging responsible borrowing and lending within the Cambodian Economy.  An accurate and reliable credit reporting capability is essential to the financial stability, development and economic diversification of the Kingdom of Cambodia. Our mission is to provide accurate real time credit information to Cambodian businesses and consumers, decreasing the risk of lending for businesses whilst at the same time making capital accessible to more Cambodian business and consumer borrowers. www.creditbureaucambodia.com (../../undefined/) http://www.creditbureaucambodia.com/component/content/85.html?task=viewWed, 10 Apr 2013 19:16:42 +0000 Garry Wood - CEO of Credit Bureau Cambodia Speech “First Year Anniversary of the Credit Bureau in Cambodia” Address By Mr Garry Wood – Chief Executive Officer Credit Bureau Cambodia Phnom Penh, March 28, 2013 Ladies and gentlemen and distinguished guests in the audience, It is with great pleasure that I welcome you here to our first anniversary business briefing update for the Credit Bureau Cambodia.  As my esteemed colleagues from the National Bank of Cambodia and the IFC have explained today we have achieved a significant amount in a very short time thanks to the efforts of those of you here today. When I look back on our journey to date I find it hard to believe that we have achieved so much in such a short period of time, just over one year ago I stood in front of you explaining what a credit Bureau was and why we even needed a credit bureau in Cambodia.  Now some 12 months later it should be clear to all of you in this room how a credit bureau impacts the Cambodian economy and banking sector. Of course this journey was not a simple one – Well over 1000 people had to come together and agree that we would be successful in our mission before we began.  Over the past 12 months there have been hundreds of people involved in the project from lawmakers in the government and regulators at The National Bank all the way to the technical teams implementing the software and the training teams tirelessly training thousands of operators how to accurately use the credit reporting software. Last year I had to explain why the Credit Bureau use was necessary and mandated by Micro Finance Associations and banks alike, many of the MFI’s questioned why it was necessary for an MFI to run credit reports when their mission was to help “the poor people” – Of course this is also the mission of the Credit Bureau. With healthy and transparent lending and credit policies Cambodia is more appealing to external investors, capital in the way of loans are easier to come by and of course those people that are already in debt are protected from becoming more over indebted – When all of these checks and balances are in place we can all then aim at reducing poverty in Cambodia and making capital easier to come by for everyone. With a credit bureau comes more responsible lending, faster processing and easier access to finance for all.  It is with credit to everyone here that we have managed to make this a reality for the Cambodian economy  - Recently in a world bank report the Kingdom of Cambodia increased its ranking position on the world stage dramatically – this was due at least in part to the implementation of the Credit Bureau, what is more is that since this report the number of donor organisations that we talk to on a weekly basis has increased as the number of non performing loans has started to drop. To show you what I mean here is a graph of the number of credit enquiries run over the past 12 month period – you will see that they have increased from 6000 a month in 2012 to 158,000 a month in 2013. The MFI sector obviously pays much less for each credit report – in fact I am pleased to tell you that the MFI charging rate for Credit Reports in Cambodia is still the lowest priced credit report anywhere in the world.  Luckily Cambodia certainly has volume in its MFI sector – Over the past 12 months the credit bureau has generated XX number of MFI reports. And of course the banking sector continues to grow – in the past 12 months the volume of credit report requests from banking organizations has increased from XX at the start of 2012 to XX by the end of 2013. If I quickly flip back to this slide you will see that the sustainability of the credit bureau is a key component of being able to meet the goal of reducing poverty, without a sustainable credit bureau we simply don’t have the opportunity to achieve our goals. I am pleased to report that the Credit Bureau is stable, sustainable and operating well, of course in order to ensure our sustainability we can not just stand still we must introduce new products and services and expand our footprint. So where are we going next – what can you expect to see from the credit bureau in 2013 to 2014 moving forward One of the first things you will see if for us to expand our credit reporting functions into other key markets this year – mainly into telephone and utility companies that will allow us to consolidate billing data into the credit reports You can also expect to see a lot more training and education from the CBC over the next 12 months – as we increase our focus on providing knowledge transfer for Basel and Basel II compliance into individual entities credit loans departments. We are also working on developing a number of criteria to bring about a credit scoring system that will provide me actionable data to credit departments allowing them to look at multiple elements about the customers borrowing behavior Over the next 12 months you will also see the CBC introducing decision support software that will also help credit departments speed their credit decisions and partially automate existing processes that are currently heavily manually intensive.  This will further reduce the speed required to issue new loans to consumers. All of these activities and future plans will of course help us to fulfill the vision of the National Bank of a compliant lending infrastructure – and as credit reports become a portable collateral for the consumer that means easier access to a more competitive finance market – I personally have been delighted to see the first number of unsecured loans being offered to people basd on their credit record alone.  Now we have to think about how we communicate this to the people in Cambodia. When we launched the Bureau in 2012 much of our focus was on announcing the presence of the Bureau and the change in the law, in 2013 our communications will focus much more on awareness of the Credit Bureau and its role in our economy. Of course it is a fact that the average consumer doesn't’t connect very well with banking jargon or complex credit information – so in 2013 the CBC will be sponsoring a number of high profile social campaigns that benefit our society with the dual function of acting in a socially responsible way whilst at the same time increasing our awareness with Cambodian consumers. The CBC will be sponsoring Happy Football, which helps run children's football and physical education programs in a number of under-privileged schools and orphanages in and around Phnom Penh.  We together with our Media Agency are sponsoring the CBC charity cup that will be used to continue this program in the community. In 2013 Cambodia will send a team of youth players to Poland to play in the homeless world cup – we will be sponsoring the Cambodian teams journey to Poland. For those of you that are not aware the Government of Cambodia is strongly dedicated to reducing the number of deaths and injuries occurring in our country due to motorcycle crashes. Helmets are a simple and effective solution, and protecting our youth from the dangers of the road is essential to ensuring our country’s bright future. The CBC will be sponsoring a platform called “LIDS for KIDS” that will be helping fund crash helmets for children that ride to school on the back of a motobike and otherwise could not afford them. Of course crash helmets go some way to protecting children – however studies have showed that road safety education at a young age is the most effective way to reduce road fatalities – that is why the CBC will also be sponsoring children's road safety education in the classrooms so children can then inform their parents as so often happens! And lastly but not least the CBC will also be sponsoring an education program for young children and a charity called A New Day Cambodia, for those that do not know this organisation they take young children from the garbage dump and pay their families so the children can attend School – The new day centre then finds sponsors for the child's education and vocational work experience Here are just some of the children from A New Day Cambodia today – as you will see this is a long way away from scavenging on the rubbish dump.  These children will be having a new roof on the centre in the next couple of weeks so they can play and study out of the sun, effectively increasing the outside usable space by 100%. We are also working with the centre to develop an education program that will help to fund those children with good grades and interested in studying banking and finance with the opportunity to do so – something which just a few years ago would never have been possible for one of these children from the rubbish dump. This of course is all good news – The credit bureau is running and running well – We will continue to expand our product offerings and education over the next 12 months and we will also be increasing our awareness in Cambodia by sponsoring and supporting a number of good causes that actually improve the lives of people. And as the last speaker for today again I would like to re-iterate that it is a team effort including everyone's effort in this room, an effort that everyone should be applauded for and be very proud of. I very much hope everyone here will be able to join us for our celebrations this evening and I very much look forward to working with all of you over the next 12 months.  I will now hand over to Siphana for his closing comments and will look forward to answering any questions you may have during the break. Thank you! http://www.creditbureaucambodia.com/component/content/84.html?task=viewWed, 10 Apr 2013 19:05:59 +0000 Credit Bureau already adding value to all the stakeholders is indeed a creditable achievement “First Year Anniversary of the Credit Bureau in Cambodia” Welcoming Remarks by LYTHGOE ANTONY, Head of Financial Infrastructure, International Finance Corporation Phnom Penh, March 28, 2013   Good Morning Your Excellency Deputy Governor of the National Bank of Cambodia, Madam Neav Chanthata, Your Excellencies, distinguished guests, ladies and gentleman. I am very pleased to take part today in the first year anniversary of credit bureau in Cambodia. Inadequate access to formal financial services represents one of the most critical constraints to economic development in particular for rural and self employed households, and micro, small and medium enterprise (MSMEs). Much of the population in emerging markets is employed in the informal sector and typically the MSME sector as a whole accounts for more than 90% of total employment. Traditionally the MSME sector has been underserved by the financial community for a variety of quite logical reasons. Many individuals have no salary slip or means of demonstrating their ability to repay. Overcoming this information asymmetry makes the relative costs of personal screening and business due diligence disproportionately high, when one considers the loan amounts involved.   Moreover, these customer groups tend to lack suitable collateral or proper legal documentation to secure credit. Many of these barriers to accessing credit are considerably reduced by having access to reliable credit history data through a functional credit bureau. Credit histories demonstrate capacity and good character, two of the 5 ‘C’s of credit, and in developed economies have become a form of ‘personal collateral’, a third ‘C’, which in some instances can offset the lack of physical collateral. Access to quality data of this kind will never replace credit underwriting but when applied intelligently it can significantly reduce the cost of acquisition, help quantify the risk, and thereby price appropriately, and ultimately turn marginal applications into bookable business. But in addition to providing greater access to credit the credit bureau also provides an invaluable social function which in recent years has become just, if not more, important.  Helping customers understand the mechanics of a credit history has been proven to improve repayment behavior, allowing them in turn to access better terms whilst improving portfolio quality.  And access to a complete history of credit commitments allows lenders to better calculate appropriate debt service ratios and thereby prevent customers from becoming over indebted. The credit bureau, can also help the central bank to monitor growth, trends, appetite for risk, and portfolio stress which if used in a timely fashion can help reduce the risk of bank failure. The benefits of comprehensive credit reporting should be reasonably clear to everyone, so why is a first anniversary of this kind such an important milestone? Well the simple answer is that most people don’t realize what a complicated task it is to build a credit bureau in such a short period of time. First and foremost it is not merely a technology solution, the hardware and the software are typically relatively easy to deploy. The major task is to get everyone on board, overcome the usual and typically onerous data quality issues and then get users to actually embrace the new service and use it responsibly. I am sure others will quote statistics and volumetrics but these really hide the hard yards involved behind the scenes in IT departments, contract procurement departments and credit committees up and down the land. Making your first birthday in a credit reporting environment and having a functional bureau that is already adding value to all the stakeholders is indeed a creditable achievement. But whilst the baby might have taken its first steps there still remains a considerable way to go to achieve the aspirations of greater access to credit and financial inclusion. New products, new markets, streamlined processes and the realization that data is the life blood of modern lending systems will all take time to develop. Likewise the bureau itself will take some time to introduce a range of value adding services that turn that data into information. In summary I would like to congratulate all of the stakeholders for a job well done….so far. There is still a considerable way to go, and the IFC looks forward to sharing that journey with you. Aw kohn. http://www.creditbureaucambodia.com/component/content/83.html?task=viewWed, 10 Apr 2013 18:55:46 +0000 Deputy Governor of the National Bank of Cambodia - CBC Speech National Bank of Cambodia Speech - H.E. NEAV CHANTHANA Deputy Governor of the National Bank of Cambodia, On the Occasion of the First Event on “The Annual Business Conference of Credit Bureau Cambodia” Intercontinental Hotel, Phnom Penh, 28thMarch, 2013 -        Distinguished Board of Directors of the Credit Bureau Cambodia -        Excellencies, Distinguished guests, speakers, Ladies and Gentlemen, Today, on behalf of the National Bank of Cambodia, I have the great honor of presiding over “The First Annual Business Conference” update from the Credit Bureau Cambodia (CBC). First of all, allow me to extend my warmest welcome to the Board directors of the Credit Bureau Cambodia (CBC) and all delegates in this conference. As its name suggests this is the first event of its kind to be organised by the CBC since its launch a year ago. This event will serve as an important platform for all stakeholders to meet, discuss and share views on the Credit Bureau such as its services, potentials and benefits. Cambodia Credit Bureau is a new business for Cambodia that has been operating for just one year, although this project started many years ago. It was an important journey, and it is only with thanks to the dedication and commitment all stakeholders today that I can stand in front of you all and congratulate everyone on a job well done. Excellencies, Distinguished guests, Ladies and Gentlemen, Taking this opportunity, I would like to highlight the background of Credit Bureau in Cambodia. Recognizing the importance of a credit bureau in mitigating credit risk and over-indebtedness, and the need for the country to have a clear and transparent credit reporting infrastructure, the National Bank of Cambodia with the assistance from the Asian Development Bank, launched in 2006 a pilot project known as Credit Information Sharing (CIS). This system was hosted at the NBC and managed by a board composed of member banks and NBC.  A Prakas was issued to govern and manage all procedures and processes of the CIS. As a pilot project, this system was run on a voluntary basis and consisted of only negative information. The project was a very good introduction to information sharing amongst the industry but lacked scalability. This prompted National Bank in 2010 with the cooperation from the International Finance Corporation IFC (World Bank Group) to undertake a feasibility study on privatizing the credit bureau. In 2011, after much effort from the IFC, the Banker Association, the Cambodian Microfinance Association, especially I must also give notable credit to the NBC staff who were involved in the credit bureau project since its early days, a prakas on Credit Reporting was issued in May 2011. The first private credit bureau in Cambodia, The CBC, was subsequently licensed in January 2012 and launched in March the very same year. Excellencies, Distinguished guests, Ladies and Gentlemen, Looking forward to our nations prospects for 2013 and our future are incredibly positive, with GDP growth expected to continue to grow, we are likely expecting that the majority of this growth will be driven by a vibrant private sector, mainly in the service sectors of trade, real estate, construction and of course banking. I must acknowledge that CBC has in part facilitated this growth in the past 12 months.  When potential businesses, donors and foreign investors can see that Cambodia as a nation is serious about ensuring transparency within its credit environment, we become a much stronger, more compelling and safer investment destination. More so, when the same investors and global partners can see that Cambodia has implemented a modern state of the art credit bureau in just 12 months, it further increases confidence in the stability and the confidence in the capability of the Cambodian financial sector as a whole. That is not to say of course that the hard work is over!  When it comes to the process of strengthening our economic reputation and building strong trust relationships, of course there is never such a thing as a “mission accomplished” In Cambodia our banking sectors governance and transparency has been greatly improved, thanks in part to sound corporate governance our banking institutions, not to mention those of us in the NBC and regulatory roles that push to improve reporting and sector transparency. Credit risk must be carefully monitored and regulated in any economy, but particularly in fast growing economies such as ours where the expansion of credit has the potential to outstrip the GDP growth, the presence of such a credit risk may have serious impacts including a potential slowing down of the banking and financial sector, and later the general economy if it were to go unmanaged. It is for this reason, as well as many others - why we at the NBC believe that the efforts made by our authorities and bankers to install a greater number of checks and balances relating to credit risk can always be, and must always be improved upon. Of course the success of the CBC and its new centralized computer system has a purpose much larger than simply holding data on loans and credit positions. I would even dare say that the implementation of the CBC goes further than simply providing banks with an accurate method to better gauge their credit risk. By implementing a modern credit bureau our team has ensured that we foster and encourage responsible lending practices, making sure that capital is easier to source for those citizens that need it to expand their business. At the same time the CBC provides a vital role in protecting those most vulnerable members of society whom may already be over-indebted from sliding further into a debt position that they cannot service. It is this commitment to a responsible approach for our long-term sustainable economic development that caused us to establish the CBC, and it is this commitment to sustainability and responsible business that will drive us forward during the years to come. So it is with a sense of excitement and caution about our sectors future that I speak to you today. The Cambodia Credit Bureau implementation has been held up as an example of a timely, thorough and well-executed implementation of a centralized credit reporting system. In short our banking sector in Cambodia must be compliant, it must be transparent, it must be sustainable, and it must be trustworthy if we are truly going to grow to our full potential whilst adapting to the global change in the sector as a whole. Vigilant oversight of our banking sector’s regulatory regime can only help improve our fiscal credentials, whilst serving to better prepare the country's lenders for regional integration and expansion on an ASEAN and Global stage. Excellencies, Distinguished guests, Ladies and Gentlemen, Cambodia Credit Bureau is an excellent example of what we can all do when we all focus on what is important for both the big picture and the detail of our growing economy. I expect the CBC to take a leadership position in championing responsible lending and responsible and sustainable business practices within our community in the years to come. In fact it was with delight that I was informed today that the CBC are sponsoring a number of forward thinking initiatives within our community that assist the least privileged of our society. It is these qualities and commitments to corporate social responsibility combined with most robust, responsible business practices that define our standing, reputation and trustworthiness among our peers on a global stage. We have made an important step; by improving the transparency of our credit system we have taken a step towards greater sustainability.  Thanks to the CBC we are better equipped to cope with the inevitable increase in the pace of change in the years to come. We are all starting to better understand that corporate responsibility, reliability and trustworthiness will be the characteristics of a country’s banking sector that will hold the most value to investors in the future. To conclude, I would heartily like to congratulate all of you again on an excellent first year of operation of our country's credit bureau, the importance and significance of which should not be underestimated or understated. Every player, be it regulator, technology supplier, bank, bureau, lawyer, MFI or any other cog in the wheel has had an important part to play and for this excellent delivery I would like to thank you on behalf of the National Bank of Cambodia. I would like to thank you for your participation in today’s important event and thank you for celebrating this milestone in our economic development, long may it continue and long may our Kingdom’s banking sector continue to prosper by developing trust, transparency and sustainability together. I declare “The First Annual Business Conference” updated from the Credit Bureau Cambodia (CBC) officially opened.   Thank you! http://www.creditbureaucambodia.com/component/content/82.html?task=viewWed, 10 Apr 2013 18:41:23 +0000 Credit Information to be used in Cambodia's Telecommunications Sector Pre Pay mobile phones are the prevalent form of communications subscription plan in the Kingdom of Cambodia however they are subject to high volumes of “Churn” as customers switch between different pre-paid operators and shop around for the latest subscription plan offers and competitive rates. With the recent formation of the Credit Bureau Cambodia telecommunications companies now have access to relevant and pertinent real time credit data that can help them reduce their churn rates by focusing more on the quality of customer acquisition.  The benefits of offering post pay subscriptions to the high value and credit worthy customers are numerous, and include acquiring customers want to lock into post paid plans for convenience and cash flow reasons, providing competitive differentiators for post paid services and being able to acquire highly profitable corporate accounts on a post paid basis. The upside for the telecommunications operators is that a quality post paid customer is subject to much lower churn rates than pre-pay card plans. "Telecommunications companies are aware that the financial relationship between them and their customers is critical to ensuring that their post paid billing collection is on target.  If an operator is providing pre pay services at the moment they may wish to conduct credit reviews on their existing customer base to understand which customers are suitable to be offered more profitable and lower churn rate post pay services" explained Steve Vaile of the CBC. Credit Bureau Cambodia (CBC) information is now available to Telecommunications providers in the Kingdom of Cambodia allowing them to use accurate credit data to provide red flag credit indicators, view an increase in late payments and view other credit obligations that reduce the risk of billing defaults at your company.   This requires the telecommunications operator to sign up to the CBC Code of conduct that defines and regulates how they use this data in line with Cambodian Laws on credit reporting and consumer data privacy. Of course almost all companies in Europe and the USA currently use credit data to screen the quality of customer applications, acquire more profitable corporate post paid accounts and manage their billing risk and credit actions on new accounts. When telecommunications providers acquire new customers they should be mindful about customer quality, especially cable and telecom operators. Companies often burn money spent on marketing and communications acquiring customers that are not in a financial position to pay their bills.  Often this can impact an operator for one to three billing cycles causing the customer to either move back to their old plan or seek another provider, in which case the capital expended acquiring the customer has been lost. Screening customer quality to ensure that prospective customers have the financial capacity to pay post paid bills increases profitability, builds brand loyalty and higher lifetime value, and reduces the changes of them moving to a competitor.  The result increased profitability and fewer bad debts by ensuring that any subscription plan is in line with the customer’s capacity to pay. By analysing your best customers’ profiles or most profitable underwriting policies and integrating profit-building criteria into your campaign customer acquisition is more targeted, better matched and produces higher payback ratios. Many operators find credit information to be rich source of decisioning data and have discovered that by adding consumer-credit information to their acquisition formula they not only improve prospect quality, they also reduce on-boarding costs. Derogatory payment information, revolving debt levels or unacceptable debt-to-income ratios will all surface in the process, informing and improving your credit management decisions as a Telecommunications operator in Cambodia. http://www.creditbureaucambodia.com/component/content/81.html?task=viewTue, 22 May 2012 05:33:50 +0000 New Credit Bureau to make Cambodia more competitive “New Credit Bureau to make Cambodia more competitive” Phnom Penh Cambodia – 16th December 2011 Cambodia’s economy takes a significant step forward today with the announcement of the new Credit Bureau Cambodia. Credit Bureau Cambodia is a central database of credit information that helps banks and Micro Finance Institutions (MFIs) share their customer repayment histories. The CBC assists lenders in making accurate loan decisions based on a borrower’s positive and negative credit history. The company is a joint investment by the Association of Banks in Cambodia, Cambodian Microfinance Association, and Veda Advantage (NZ) Ltd, a leading global supplier of credit system technology and software. Garry Wood, General Manager for the Credit Bureau (Cambodia) Co., Ltd (or “CBC”) explained the importance of the bureau to Cambodia’s economy. “With a central point to consolidate credit information, banks and MFIs make lending decisions based on both positive and negative data. Positive information about a consumer’s credit history will be taken into account when accessing them for creditworthiness; before the Credit Bureau’s existence this data was not shared between lenders. According to the published financial data, it showed that there is an average increase in loan approvals of around 90% when positive information about a borrower is taken into account, this means easier access to finance for consumers and companies in Cambodia.” There are multiple benefits to the consumer and the banking sector thanks to the Credit Bureau’s existence. Borrowers will benefit from faster processing times on loan applications. Borrowers with a good history of repayment will also enjoy lower interest rates as lenders price the risk of a loan accordingly. For those that have bad repayment histories they will be protected from over-indebtedness and credit worries in the future. The financial sector in Cambodia now has more accurate information on which to base its lending decisions, this means that the amount of non-performing loans reduces which helps build confidence in the Cambodian economy. A fair and transparent information system helps promote confidence among finance vendors and consumers, resulting in greater volumes of transactions. This means that small businesses will find it easier to secure loans allowing them to expand their business and create more employment opportunities. According to the published economic data the possibility of a small firm getting a bank loan jumps dramatically from 28% to 40% with a credit bureau in place. The CBC system is an essential building block in providing financial institutions in Cambodia with modern tools to improve credit-granting processes. Average credit ratings for economies with credit bureaus in place are significantly higher than those without credit bureaus, making them a much more compelling destination and less risky for investors. National Bank of Cambodia signed into law a Prakas (edict) on Credit Reporting in May 2011 to facilitate the activities of credit reporting and information sharing between banks and MFIs. The edict defines that there are clear policies and procedures to handle complaints and requests from individuals regarding their data. It also defines that no data other than credit data shall be used, for example no data related to a consumer’s political tendency, beliefs, color, race or personal information is allowed to be stored in the new system. It also limits access to this data to authorised users that have committed to the relevant Code of Conduct with the CBC. This Code of Conduct defines what information banks and MFIs must share with the CBC; it also defines the right of the consumer to ensure that all credit data held is accurate. If a consumer has inaccurate information on their credit report they can inform the CBC who will query it with the relevant data provider within five days. Anyone can check their own credit report; they simply need a form of identity and fill in the relevant paperwork at the CBC. They will within ten (10) business days be provided with access to their full credit report file free of charge once per year. Further requests for shorter periods will cost $5.00 per report CBC has started its operations on the 7th of December 2011 and banks and MFIs have a 90-day grace period before they are required by the National Bank of Cambodia to complete connection to the system. CBC estimates that the first consolidated credit reports will be available to member institutions in February with consumers seeing the benefits of the new system through easier loans access and faster approval times as early as March next year. About Credit Bureau (Cambodia) Co., Ltd The mission of the “Credit Bureau (Cambodia) Co., Ltd” (or CBC) is to promote growth in Cambodia by encouraging responsible borrowing and lending within the Cambodian Economy. An accurate and reliable credit reporting capability is essential to the financial stability, development and economic diversification of the Kingdom of Cambodia.   Our mission is to provide accurate real-time credit information to Cambodian businesses and consumers, decreasing the risk of lending for businesses whilst at the same time making capital accessible to more Cambodian businesses and consumer borrowers. Press Media Contact Name            : Steve Vaile Title            : Communications Consultant Company            : Credit Bureau (Cambodia) Co., Ltd Email            : s.vaile@creditbureaucambodia.com (mailto:steve.vaile@creditbureaucambodia.com) Telephone            : 097-7007-018     CBC Office (2nd floor) #10 St. 242, Chaktomuk, Daun Penh. Tel            : 023-967-001 Fax            : 023-967-004 Email            : info@creditbureaucambodia.com (mailto:info@creditbureaucambodia.com) Website            : www.creditbureaucambodia.com (/) http://www.creditbureaucambodia.com/component/content/80.html?task=viewThu, 15 Dec 2011 03:17:10 +0000 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. http://www.creditbureaucambodia.com/component/content/79.html?task=viewMon, 21 Nov 2011 07:45:54 +0000 Prakas On Credit Reporting PRAKAS (LAW) ON CREDIT REPORTING This is an unofficial translation The Governor of the National Bank of Cambodia- With reference to the Constitution of the Kingdom of Cambodia;- With reference to the Royal Kram NS/RKM/0196/27, dated January 26, 1996 promulgating the Law on the Organization and Conduct of the National Bank of Cambodia;- With reference to the Royal Kram NS/RKM/1206/036 of December 29, 2006 promulgating the Law on the amendment of article 14 and 57 of Organization and Functioning of the National Bank of Cambodia;- With reference to the Royal Kram NS/RKM/1199/1, dated November 18, 1999 promulgating the Law on Banking and Financial Institutions;- With reference to the Royal Decree NS/RKT/0508/526 of May 13, 2008 on the appointment of His Excellency Chea Chanto as Governor of the National Bank ofCambodia, in equivalent to Senior Minister;- Pursuant to the request of the General Directorate of Supervision;- Pursuant to the agreement reached at the meeting of the senior officials of the NationalBank of Cambodia, dated on 09 May, 2011. CHAPTER 1 - GENERAL PROVISIONS Article 1: Purpose The purpose of this Prakas is to enable an adequate framework for the establishment of a credit reporting system in Cambodia with the aim of strengthening reliable, competitive and responsible lending. Article 2: Definitions 2 “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. “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). “Business Day”: means days on which banks in Cambodia are open for business transactions. “Code of Conduct”: means the rules and regulations governing the operations of credit reporting system (CRS) in an agreement between the NBC and the Authorized Users. “Commencement Date”: means the date that CRS will start providing credit reporting activities (CRA) to their data providers and authorized users. “Consent”: means a written and voluntary authorization signed by the consumer allowing data providers to input his/her information into CRS and share with authorized users for permissible purposes provided in this Prakas. “Consumer”: means any legal or natural person whose data has been or might have been included in CRS in spite of a contractual relation with a lender or a lending application signed by him/her or any other legitimate purposes. “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 economic and financial obligations of a consumer, including the payment history, 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 this Prakas, including the provision of credit reports and other relevant services. “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. “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. “Negative Credit Information”: means information relating to overdue, past due, chargeoff, or delinquent status of credit transactions between consumer and data provider. 3 “Rules of Reciprocity”: means set of norms defining the level of mutual information exchange and cooperation between data providers. “Advisory Council” means an advisory committee formed by data providers, independent experts, board of directors, the NBC and other relevant authorities. CHAPTER 2 - ESTABLISHMENT OF A CREDIT REPORTING SYSTEM AND LICENSING Article 3: Establishment of a credit reporting system Credit Reporting System which will be established must be set up of an efficient, safe and reliability with the aim of ensuring fair and equal treatment to Data providers and other credit market participants. The CRS shall be subject to an oversight by the NBC. Article 4: Prohibition 1. No person may engage in credit reporting activities or hold himself out to the public as engaging in credit reporting activities without license from the NBC. 2. No person other than a legal entity incorporated under the Law on Commercial Enterprises shall be licensed to carry out credit reporting activities. 3. This article does not apply to the NBC in the operations of credit reporting activities. Article 5: Application for License Any person interested in carrying out credit reporting activities shall apply for a licensefrom the NBC following assigned sample of application for license. Article 6: Documentation for the License Application Any application for a license shall be accompanied by the following information andsupporting documents: a) Relevant documents regarding the legal status of the company.b) Statements of the founders’ previous experience in the field of banking and credit,including name list of the stakeholders, amount invested and relation of investments with other companies.c) Board Members shall be composed with adequate qualifications.d) Management Team with University degree or relevant experience in the credit market, banking, or financial sector.e) Organizational structure, three (3) years projection for the operations of the CRS, information systems, internal procedures and manual of operations.f) Feasibility study according to the business plan, infrastructure to support the business or relevant agreements with other providers.g) Ownership and governance structure including the composition of the Board of Directors and selection criterion. 4 h) Continuity plan.i) Proposed pricing policies.j) Code of Conduct and other relevant rules for the functioning of the system.k) Declaration of interested parties to adhere the Code of Conduct.The NBC shall require other relevant documents deem necessary for assessing the application. Article 7: Application Procedures All applicants shall send the application in writing together with all the relevant documentation to the NBC.Within 90 days after the satisfactory receipt of the application, supporting documents andfee payment, the NBC shall issue a notice to the applicant in writing with the approval or refusal ofthe application. CHAPTER 3PRINCIPLES REGARDING THE USE OF INFORMATION Article 8: Purposes of CRS Services The credit reporting service will be provided with following purposes:a) To evaluate the creditworthiness and over indebtedness of a consumer in relation to a credit or loan application.b) 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.c) To evaluate credit risks, and/or to review or give a credit or loan.d) To evaluate risks associated with the transactions of deferred payments.e) To allow the consumer to confirm the accuracy of his or her information in a credit report.f) To evaluate or audit the efficiency, reliability and legal compliance of the CRS.The information contained in the CRS shall not be used for different purposes other than the ones established under this article unless specific consumer’s consent is obtained. Article 9: Obligations of Relevant Parties to Ensure Data Quality Credit Reporting System Service Providers (CRSPs) and Data Providers shall use their best endeavors to make sure that the Consumers’ information collected, used or disclosed is accurate, complete and up-to date. The data shall be collected by lawful and fair means and shall include only necessary information such as valid identification and credit payment history of the consumer. CRSPs and Data Providers shall be accountable for the followings: 1. CRSPs shall :a) Establish adequate procedures to ensure completeness and veracity of the information; b) Ensure that data is updated on constant basis according to the code of conduct; 5c) Establish adequate mechanisms for data correction and deletion ensuring that all users accessing incorrect data during the previous 3 months are sufficiently informed and notified of the error and correct the data according to the times frames as set out in the Code of Conduct and establish adequate mechanisms to ensure that all users that have access to the data in the last 3 months are aware of such error and receive the correct information, and that a copy is also sent to the Consumer; d) Be accountable to data providers, users, consumers for any data errors that have occurred during the processing or distribution of credit information as a result of gross negligence or reckless behavior. CRSPs shall: Correct data immediately and establish adequate mechanisms to ensure that all users that have accessed the data in the last 3 months are aware of such material error and receive the correct information after being updated; Receive a copy of the updated report and provide to the consumer with the primary address held in file by the CRSPs; Be liable for any claim from the consumers that may result in a substantial damage of the consumer’s financial reputation, as a consequence of gross negligence or reckless behavior; Make all reasonable efforts to mitigate damages suffered by the consumer for data errors. e) Shall be liable to data provider, authorized user, the NBC, or any third party for any claim in connection with any delay, interruption or failure of providing credit information or statistical reports, unless they are resulting from governmental orders, sabotages, riots, vandalism, ISP denial of service, or any other cause that is beyond the CRS’s reasonable control; f) Not transfer, sell or rent any credit information submitted by data providers, or authorized users. 2. Data providers shall:a) Be accountable for any incorrect information sent to CRSPs;b) Be liable for any claim from the consumers regarding errors that are material to a substantial damage of customer’s financial reputation, as a consequence of gross negligence or reckless behavior in compliance with the decision made under the conflict resolution mechanisms provided in Article 26 of this Prakas;c) Mitigate damages suffered by consumer for data errors by establishing all necessarypolicies and procedures. Each data provider shall have its own credit decision making rules. The credit information and other services provided by the CRS shall be considered as one of the tools for credit risk decision process, but the decision shall not be made solely on the basis of the credit information obtained from the CRS. Article 10: Data Security CRSPs and data providers shall ensure the integrity and security of the database at all times. To prevent misuse or unauthorized access, data loss or data corruption, all necessary steps must be possessed the following rules: 1. CRS shall have systems, processes and procedures to ensure data recovery and disasterplans to prevent data loss or data corruption; a) Access to the database will be restricted to authorized users only; 6 b) CRSPs 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 8 of the present Prakas. 2. Data providers shall ensure the availability of adequate security measures, policies and procedures. Security measures policies for the operation of the CRS shall be approved by the Board of Directors of the CRSP and the NBC. The measures adopted should be reflected from a technical, organizational and technological view. Article 11: Data Retention Period 1. Information collected by CRS will be distributed among data providers for a period of ten (10) years from the payment or settlement deadline in case of positive information;2. Court judgment data will be distributed after three (3) years from the execution date;3. Bankruptcy data will be distributed for a period of five (5) years from the date of discharge;4. Negative information will be distributed for a period of three (3) years from the payment deadline. Article 12: Consumer Rights CRS and relevant parties shall ensure:a) Individual’s rights regarding their data will be respected;b) The CRSPs shall establish a dedicated unit with clear rules and procedures to handle claims and requests from individuals regarding their data;c) No data related to consumer’s political tendency, beliefs, color, race, and personal private information will be collected and stored in the CRS;d) Data will be collected for the permissible purposes provided under the article 8. Data collected or used for different purposes than the ones stated under the article 8 will need unambiguous consumer’s consent. CHAPTER 4 DATA PROVIDERS Article 13: Covered Entities 1. All Covered Entities are required to contribute positive and negative information to the CRS on a monthly basis. Any failure to contribute and/or access data shall be subject to sanctions provided under applicable laws;2. Consumers’ consent shall be obtained for data collection and data access. The NBC will establish a standard consent form to be used by all covered entities;3. A timeframe of nine (9) months to adapt their systems to provide data on a monthly basis is granted;4. There will be no discrimination between any data providers and the CRS shall provide service under fair conditions to all participants. Article 14: Other Data Providers and Users 7 1. Non covered entities shall contribute data and access data to the CRS once the prior consumer’s consent and the NBC is obtained; 2. All data providers and users whether regulated by the NBC or not, will be subject to the same rules, obligations, and sanctions, as provided in this Prakas; 3. Under the rules of reciprocity, entities, that do not report all required information, will not be able to access all information submitted to the CRS by other data providers; 4. The NBC can mandate the participation of new data providers when their activity in Cambodian credit market is perceived to be significant by the NBC. CHAPTER 5 - MANAGEMENT OF CREDIT REPORTING SYSTEM Article 15: Corporate Governance 1. Any CRSP operating in Cambodia shall be controlled by Board of Directors which shall be composed of at least seven (7) members, one of which shall be a representative of the NBC, and another one shall be an independent director. 2. The members of the Board shall have adequate qualifications on banking and financial system. No person shall be a member of the Board of Directors of the CRS if he or she has been convicted of any of the followings: a) Crime;b) Theft, forgery, fraud or breach of trust;c) Misappropriation of work;d) Usury;e) Money laundering and financing terrorism;f) Issuing dishonored cheques;g) Personal bankruptcy, receivership or liquidation of assets. 3. A Chief Executive Officer shall be nominated by the Board of Directors. No person shall act as Chief Executive Officer if: a) he has been convicted of any crimes;b) he is a minor or legally disable;c) he has been convicted of an offence involving theft or fraud causing financial loss;d) he has been removed from an office on account of abuse of office or corruption in the immediate ten (10) years ;e) he has been convicted of an offence involving dishonesty;f) he is a CEO or acts in the Board of Directors of any of the data provider; 4. CRSP shall establish a dedicated unit to put into practice the consumer’s rights, CRS’s operations, and security measures; 5. The Board of Directors shall be responsible for ensuring that the CRS is prudently managed and complies with any applicable laws and regulations. CHAPTER 6 - OPERATIONS OF THE SYSTEM Article 16: Data Sources 8 1. The CRS will collect, load, and disseminate credit information and related data about individuals and firms from the following sources: a) covered entities , users and other data providers; andb) other public information available via lawful means.2. CRSPs shall be able to access to publicly available information and other sources, including: a) An institution or organization in charge of business registers, immovable property and other property rights;b) An institution or organization in charge of keeping identification files such as National ID, family book, passport or tax number.3. The CRSPs may collect data on court judgments and insolvency proceedings when available and obtained through lawful means. Article 17: Collection and Distribution 1. CRS will collect, process, and store credit information obtained from the data providers and other data sources according to the best possible knowledge, including operational guidelines to protect data from misuse, unauthorized access, loss, or system failure. CRS will introduce quality control procedures to ensure the continuity of the service. 2. Data providers shall submit their complete loan portfolios according to the layout and format established by the CRSPs in agreement with the Advisory Council. The initial format will follow the layout indicated in ANNEX 1 (file layout). It will include two parts, one containing identifiable information of the borrower and guarantor and another relating to the credit transaction data. 3. Data providers shall provide the first file within ninety (90) days, beginning from being notified the commencement date. a) The CRS shall load all relevant data that complies with the File Layout received from the data providers within a period of 5 business days since the receipt of data. b) All data providers shall provide a complete update of their credit information every month, at least dated on the fifth (5) of next month. c) The file shall be provided in the format established by the Boards and approved by the Council. 4. CRSPs shall be responsible for the CRS database and shall provide the credit information services to covered entities, data providers and other authorized users under this Prakas, the code of conduct, or any applicable regulations of the NBC. 5. CRSPs shall be responsible for data leakage as of a result of system failure or data misuse by its employees. 6. Credit information shall not be sold or disclosed by any of the covered entities, data providers, or any users to a third party. Covered entities, data providers, or authorized users, shall not use the information obtained from the CRS to provide services to third parties or to conduct marketing campaigns, other than their existing customers. 9 7. CRSPs may modify the terms and conditions of the service to guarantee or improve the performance of the service. CRS shall send a notice to the data providers within 60 days before the new conditions come into effect. Article 18: Access to Credit Reporting System (CRS) 1. All covered entities shall use the CRS to analyze the payment behavior of the applicant whenever they receive any new loan application, or renewal or extension of an existing credit facility, regardless of the loan amount. a) Access to the CRS shall be only restricted to data providers or authorized users under the terms established in the code of conduct. b) The CRSPs shall establish processes, procedures and rules for determining authorized users to be authorized. 2. Other non regulated data providers shall submit credit information and access the CRS on a voluntary basis, subject to the rules of reciprocity and code of conduct. 3. The CRSPs shall ensure that the service is, secure, stable and usable, and shall ensure that the credit reporting system is fully capable of serving data providers and authorizedusers. 4. CRSPs shall not be responsible for non-authorized access that occurs as a consequence of the sharing or disclosure access codes or passwords with third parties by any data provider or authorized user. 5. All data providers and authorized users shall be subject to the security measures procedures adopted and contained under the code of conduct. Article 19: Other Services. CRSPs shall request for guidance from the Advisory Council prior to introducing any new services or products. The council shall produce a report with their conclusions based on fairness of the product for all creditors and impact on consumers. The council shall provide the report to the CRSPs within 30 days from the requested date. Article 20: Pricing Policies 1. CRSPs may charge fees, charges or penalties for its services, based on a transparent policy in accordance with the services provided. 2. The CRSPs shall obtain approval from the NBC for any amendments to the pricing policy prior to the enactment. The NBC shall consider such application and related documents, and either approve or decline within 15 business days. CHAPTER 7 - CONSUMER RIGHTS Article 21: Notification of Consumer Rights 10 1. By way of a consent clause, data providers shall notify the consumer on any loan application, renewal or extension of the relevant credit information being submitted to the CRS. The consent clause shall include the followings: a) Name of the data provider;b) Purpose of collection the credit information;c) Name and address of the CRSP;d) Means to access the credit information in case there is a need to correct or modifythe credit information.e) Covered entities and non-covered entities, when become data providers, shall include notification of consumer rights in the loan application form and establish a standard consent form as provided in annex II and III, respectively. 2. 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. Article 22: Confidentiality 1. The credit information is confidential and shall only be used for the permissible purposes set forth in the article 8. Confidentiality shall be strictly implemented and data providers or authorized users shall not sell or otherwise provide such credit information to any third party. 2. Only authorized employees of the users, the NBC, and the CRSPs can access the information and always for the strict performance of their duties. The CRSPs shall take all necessary measures to ensure that CRS’s directors and employees regularly maintain the confidentiality of credit information. The CRSPs shall take all reasonable measures to prevent unauthorized access to credit information, and shall establish and enforce security policies and procedures to govern the access to the credit information. 3. The NBC shall have free access to the CRS to obtain credit information for its oversight functions of covered entities, as well as other information pertaining to the non-covered entities to monitor the overall financial stability. 4. The NBC shall have access to the CRS in order to fulfill its oversight functions to maintain the efficient, transparent, fair and legal operations of the CRS. 5. Directors and employees of CRSPs, authorized users and employees of data providers shall sign confidentiality agreements prior to gaining access to credit information or the CRS. Article 23: Right over Information 1. Consumers shall be entitled to request disclosure of any data pertaining to him/her once a year, per copy. a) The report shall be provided to the consumers within ten (10) business days from the receipt of the request to the primary address held in file at the CRS. The consumer can request an immediate report at assigned rate of the CRSPs. b) The consumers shall sufficiently identify themselves prior to gaining access to their credit information. c) The CRSPs shall provide the consumer a copy of all their credit information once per year, including the name and list of the data providers that have accessed their credit information within the last six (6) months. 11 2. The consumers shall be entitled to request for correction of any incorrect or incomplete credit information at any time. a. When a request for correction of incorrect or incomplete credit information is received, the CRSPs shall inform relevant data provider and send all relevant information to that data provider in order to investigate and correct the credit information within ten (10) business days. b. The CRSPs shall inform the consumer at the primary address held in the file at the CRS no later than ten (10) business days after receiving the response from the relevant data provider of the result of the complaint. 3. A detailed consumer rights procedure shall be made available at all data provider’s premises and their respective websites or at the CRSPs premises and website. CHAPTER 8OVERSIGHT Article 24: Roles of the National Bank of Cambodia 1. The NBC has the authority to set up any regulations to control and oversee all credit reporting activities, including any relationship with service providers or data providers and authorized users regarding the efficiency and fair functioning of the CRS. 2. The NBC has authorities to: a) issue, suspend and de-license of the CRSPs;b) monitor the compliance with the rules, regulations, code of conduct, terms,procedures and operating systems;c) supervise the adequacy of mechanisms in ensuring continuity of the services,including the entry and exit requirements and other requirements;d) monitor all implementation of resolutions adopted by the Advisory Council;e) require the CRSPs to adopt necessary measures enabling the mandatory participationof all covered entities and the voluntary participation of non-covered entitiesoperating in the credit market; andf) penalize and sanction all parties interacting with the CRS, including but not limitedto data providers, authorized users and consumers. Article 25: Advisory Council 1 The “Advisory Council” shall consist of 5 to 11 members.2 The “Advisory Council” shall be chaired by the NBC and shall meet at least twice a year or more often when necessary.3 In order to ensure efficiency, reliability and safety of the system, the “Advisory Council” shall hold regular meeting to agree the followings: a) The strategic vision of the credit reporting system in Cambodia;b) The format and content of the credit information file layout;c) The operational rules governing the CRS;d) The update periods of credit information, data loading, and disclosing; 12 e) The design of all products and services of the CRS and the various deliverymethods, including security measures and technologies;f) The participation of new members;g) The adequacy of technology and homogenization of the IT services to provide data;h) The content of the operational and technical manuals relating to security, operations,consumer’s rights, dispute resolution and any substantial amendment;i) The content of the code of conduct;j) The adequacy of services and products provided and pricing policies;k) The educational programs for credit officers to use data properly;l) The recommendations to the CRSPs regarding the provision of the service or theconduct of the data providers or users. Article 26: Dispute Resolution Mechanism 1. Any complaint regarding the accuracy or the credit information shall be submitted to the CRSP for investigation.2. Once a complaint is received, the CRSP shall investigate the dispute and respond within 10 business days from the date of receipt, by: a) Investigate the accuracy of the compliant or others;b) Respond in writing to the complainant outlining the decision;c) Correcting any incorrect or incomplete credit information within 10 business days.3. A Consumer dissatisfied with the decision may appeal to the NBC within 10 businessdays. 4. If the Consumer is not satisfied with the NBC’s decision, further appeal may be made to the Court. CHAPTER 9OFFENCES AND PENALTIES Article 27: Offences Data providers or authorized users, that has access to credit information in the CRS and uses such credit information for different permissible purposes of this Parkas, shall be liable to breaching the confidentiality and penalties under the Law on Banking and Financial Institutions. Article 28: Penalties Any person violates the provisions of this Prakas shall be liable for the following administrative penalties:1. Any person who, acts either for his own account, or for the account of a legal person, by carrying out the CRA without a license, shall be liable for a fine from five (5) million to two hundred and fifty (250) million riels, without prejudice to the closure of the concerned institution;2. Any person or legal entity or any data provider or authorized user, that uses the credit information obtained from the CRS for a different purposes other than the ones established under the Article 8 shall be subject to a fine from five (5) million to two hundred and fifty (250) million riels; 13 3. Any person whether or not the covered entities, shall be liable for a fine of four (4) million to ten (10) million riels, following the cases of: a) he infringes any code of conduct or fails to provide complete and accurate credit information to the CRS within the timeframe provided;b) he fails to respond to request for information by the NBC within the timeframe specified;c) he knowingly provides the CRS with inaccurate or incomplete information regarding a consumer complaint or investigation;d) he fails to comply with the deadlines for consumers’ rights. 4. Besides the above administrative penalties, any person infringes on the provision provided in this Prakas or the code of conduct shall be liable for disciplinary sanctions or penalties as provided in applicable law. CHAPTER 10TRANSITIONAL PROVISIONS Article 29: Adoption Period Data providers shall prepare their procedures, processes, and systems to the requirements provided by this Prakas within a period of nine (9) months, starting from this Prakas comes into effect.After such period sanctions may be applied by the NBC. CHAPTER 11FINAL PROVISIONS Article 30: Repeal Prakas B7-06-073 on the Utilization and Protection of Credit Information; Prakas B7-06- 101 on the Implementation of Credit Information Sharing System Management Guideline; Prakas B7-06-102 on the Establishment of Board of Directors of Credit Information Sharing System; Prakas B7-06-103 on the Establishment of Management Committee of Credit Information Sharing System; Prakas B7-06-104 on the Establishment of Operators and Secretariats of Credit Information Sharing System are hereby repealed. Article 31 Implementation The General Secretariat, the General Directorate of Supervision, the Technical GeneralDirectorate, the General Cashier, the General Inspection, all Departments and Unit under theNational Bank of Cambodia, all Banking and Financial Institutions under the NBC’s supervisoryauthority and all relevant parties shall strictly implement this Prakas. http://www.creditbureaucambodia.com/component/content/78.html?task=viewMon, 21 Nov 2011 01:47:29 +0000 Privacy Policy What information do we collect? We collect information from you when you subscribe to our newsletter or fill out a form. When ordering or registering on our site, as appropriate, you may be asked to enter your: name, e-mail address, mailing address or phone number. You may, however, visit our site anonymously.Google, as a third party vendor, uses cookies to serve ads on your site. 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We have no responsibility for the content of the linked website(s).   Your use of this website and any dispute arising out of such use of the website is subject to the laws of The Kingdom of Cambodia. http://www.creditbureaucambodia.com/component/content/76.html?task=viewTue, 20 Sep 2011 21:30:18 +0000 Contact Us CBC Office Address   :   (5th floor) No. 22 St. 242 corner St. 107, Boeung Prolit, 7 Makara, Phnom Penh, Cambodia Phone      :   (855) 23 967001 Fax           :   (855) 23 967004 Email        :   info@creditbureaucambodia.com   CBC HelpdeskAddress :  (5th floor) No. 22 St. 242 corner St. 107, Boeung Prolit, 7 Makara, Phnom Penh, Cambodia Phone Phone    :  (855) 23 967001 Fax        :  (855) 23 967004 Email    :    helpdesk@creditbureaucambodia.com         http://www.creditbureaucambodia.com/component/content/75.html?task=viewTue, 20 Sep 2011 13:46:01 +0000 Credit Administrators We are currently searching for qualified credit administrators. The requirements for this role are as follows: Processing of data obtained from all sources Reviewing all information for accuracy and legitimacy Handling and directing all incoming client support calls Answering client questions pertaining to the administration of data Answering consumer and commercial inquiries into the accuracy of files Assists with dispute resolution and self-inquiry process Completing all necessary disclosures, inquiries, and verifications required by law All other duties deemed administrative and appropriate assigned by Office Manager Must be fluent in Khmer and English To apply to this position please email us with your introduction letter and CV in MicroSoft Word format at the following address:  http://www.creditbureaucambodia.com/component/content/74.html?task=viewTue, 20 Sep 2011 13:42:58 +0000 Program/System Technician We are currently searching for a program and systems technician, the requirements for this role are as follows: Responsible for all maintenance, upkeep, updates, and changes to Credit Bureau software program Responsible for all office software in use Responsible for all compliance and ownership requirements pertaining to all software in use Responsible for all trouble shooting Responsible for all client calls pertaining to program malfunction Responsible for all maintenance, upkeep, updates, and changes to all equipment in use Responsible for all communications, network, security, and hardware maintenance and upkeep Responsible for all ownership registration requirements pertaining to all hardware in use Responsible for design and upkeep of company web site Should be involved in creation and implementation of software program Must be fluent in Khmer and English To apply to this position please email us with your introduction letter and CV in MicroSoft Word format at the following address:  employment@creditbureaucambodia.com http://www.creditbureaucambodia.com/component/content/73.html?task=viewTue, 20 Sep 2011 13:30:21 +0000 NZ'S Largest Credit Bureau Signs Deal With Cambodia AUCKLAND, 10 May 2011 - World-leading data-matching technology developed in Auckland has won credit bureau Veda Advantage a contract to build Cambodia's first credit bureau. The company secured the contract in a global tender and negotiations have seen it become a 49 percent shareholder in the credit bureau, which is due for delivery this year. Managing Director John Roberts says Veda competed with the world's top 10 credit bureaus to win the contract which he says was won on the quality of its intellectual property and technology platform especially its matching routines. "This says we are globally best in class which is a huge endorsement for the work of Veda's international technology support desk working around the clock from the company's Auckland office." The deal is initially worth $2 million but will grow annually as Cambodia's economy grows. Co-investors in the bureau are the Association of Banks in Cambodia and the Cambodia Microfinance Association. Mr Roberts says "Cambodia wants a credit bureau so its micro-financing sector can borrow money from the foreign banks now located in Phnom Penh. The foreign banks are happy to pump liquidity into Cambodia but only when they can assess credit risk with credit reporting data." The Cambodian deal is the company's fourth weightless export success in the past 8 years. In 2002 Veda Advantage sold its BureauStream software in Singapore where it entered into a joint development to build a consumer credit bureau for the Bankers Association of Singapore. This quickly became the benchmark for credit bureaus in the Asia and Middle East regions and more business followed. It has since installed a credit bureau for the Central Bank of Malaysia, Bank Negara and for the Central Bank of Saudi Arabia. The later is the world's first bilingual Arabic language bureau. Support for all these operations continues on a day-to-day basis from Auckland. The company continues its work to identify further export opportunities with talks ongoing in China. At the heart of Veda Advantage's export success is its intellectual property developed specifically for the New Zealand environment. Because New Zealanders (unlike United States citizens) do not have a unique identity number for every person, data has to be collected from disparate sources and matched correctly. The company has developed highly accurate matching algorithms to achieve this. These are embodied in the company's BureauStream software. Mr Roberts says "credit is critical to a growing economy and as the countries to Asia and the Middle East adopt new financial systems, more and more export opportunities will be available for Veda. This is great for the company, great for New Zealand's export returns and great for knowledge jobs in Auckland." Veda's success overseas serves as a strong recommendation to New Zealanders that they have a world class credit bureau operating at home. The company has invested millions of dollars in its database and technology to provide the most trusted and robust credit file data in New Zealand. It has also spent the last three years preparing for the country's move to comprehensive credit reporting in April 2012. Mr Roberts says "Veda is an exemplar of a high technology business in New Zealand which is delivering a service not only directly to New Zealanders but to the economy in terms of export returns." http://www.creditbureaucambodia.com/component/content/72.html?task=viewTue, 20 Sep 2011 13:21:53 +0000 Fraud Management Having actionable real time data at the fingertips of loans officers, underwriters and fraud teams helps our customers automate much of the approvals process.  Automatically identifying inconsistent information during a clients application process reduces the risk of fraudulent applications being approved. Using the CBC authentication tools, consumer identification, credit information database and automation tools assists our customers in meeting the compliance requirements of the Kingdom of Cambodia. Money laundering protection systems help financial institutions detect and monitor suspicious activity and report prior to the fraud or the illegal activity-taking place. http://www.creditbureaucambodia.com/component/content/71.html?task=viewTue, 20 Sep 2011 11:52:13 +0000 Risk Management Services Preventing fraudulent activity from occurring is best achieved by being proactive.  The CBC services allow our clients to verify credit card usage, screen high-risk transactions and protect against fraudulent credit applications. CBC technology allows our customers to actively measure and predict the risk associated from different customers. CBC notifications tools allow you monitor the financial integrity of each client during the customer lifecycle, reducing the volume of non-performing accounts within your portfolio. Using the CBC tools to track your credit portfolio helps our clients maximise revenue as they have a better understanding of when to extend credit to profitable accounts and when to reduce credit facilities to non performing accounts based on real time data. http://www.creditbureaucambodia.com/component/content/70.html?task=viewTue, 20 Sep 2011 11:50:42 +0000 Customer Management Managing your customer relationships is critical if you want to succeed in business.  Using the real time credit data provided by the CBC you can quickly provide you with an overview of your existing customers credit activities. Take advantage of cross-sell and up-sell opportunities by better understanding your customers credit requirements. With customer notification services and timely reports on your customers credit activity you know when to approach existing clients, this improves the relationships with your customers and helps you retain your existing portfolio of clients. http://www.creditbureaucambodia.com/component/content/69.html?task=viewTue, 20 Sep 2011 11:49:55 +0000 Commercial Credit Services The CBC provides commercial credit insight that helps Cambodian businesses reduce their costs, increase their revenues and reduce the risks associated with their credit portfolio. The CBC maintains the countries exclusive extensive credit database to help businesses lend profitably and minimize credit risk. Our real time data reports help companies protect their assets with tools and insights that help prevent fraud. Managing risk is essential to limiting profit loss. Our reports will help you better segment your loans and credit portfolio.  CBC notification services allow our customers to track, analyze and take action quickly to reduce write-offs and identify additional revenue opportunities.  The monitoring service also helps safeguard Cambodian consumers and businesses from fraud using our investigation and identity authentication tools. http://www.creditbureaucambodia.com/component/content/68.html?task=viewFri, 16 Sep 2011 10:55:49 +0000 Identity Theft Protection As Cambodia’s economy further develops it is unfortunate fact that, as with all countries in the world some individuals will try to use fraud to make money illegally. Identity theft occurs when a person uses your personal details to apply for loans, services or credit without your personal authorisation in order to perpetrate fraud or other crimes. To reduce your risk and help protect yourself and your family, you need complete identity theft protection. The CBC Identity Theft Protection service can help you monitor any changes to your credit report and catch identity theft and fraud as it happens. By being alerted each time there is a change in your CBC status you can actively monitor and protect your good name and credit worthiness. The service provides the following benefits for Cambodian citizens and residents. Monitoring of your CBC credit report every day Alerting you by email and SMS when your status changes National change of address monitoring http://www.creditbureaucambodia.com/component/content/67.html?task=viewFri, 16 Sep 2011 10:31:31 +0000 Consumer Credit Report Checking your credit report is the first step in taking control of your credit status in Cambodia. By checking your credit report you will see the same type of information lenders, landlords and employers see, if that information is not correct you will be able to request the CBC to change the information as required so it provides an accurate picture of your credit status. Whenever you apply for a new credit card, loan or extension of credit, in Cambodia the potential lender must check your credit report with the CBC prior to making a decision to extend you the facility or not.  By checking your credit report you will be better prepared to secure credit. By ordering your credit report you will be able to Have the ability to dispute incorrect credit data Learn about your credit report and what risk level you are What factors raise and lower your CBC credit worthiness You can request your credit report once each year free of charges from the CBC.  The ideal time to use the credit report is before you are about to apply for a loan, credit card or other lending facility. http://www.creditbureaucambodia.com/component/content/66.html?task=viewFri, 16 Sep 2011 10:29:51 +0000 Credit Information Centre Maintaining a good credit report is important.  The better your credit is, the less risk you are to a potential lender.  If you have a good credit report you are generally able to secure loans faster and also will pay a lower interest rate the less of a credit risk you are perceived to be. There are two products that will help you establish a good credit report.  The first step to establishing a good credit worthiness is to download your consumer credit report and to check that all of the details are accurate.  If banks, credit card companies or lenders do not provide the correct information about you this can affect your credit worthiness. By ensuring that all of your existing loan agreements are serviced on a regular basis you can improve your credit worthiness. Subscribing to a monitoring service will inform you every time something happens relating to your credit report, this will alert you every time an application is made against your name. http://www.creditbureaucambodia.com/component/content/65.html?task=viewFri, 16 Sep 2011 10:27:03 +0000 Consumer Credit Services The CBC provides a number of services to consumers in Cambodia that assist them in gaining access to credit.  Our services can help you ensure that your credit report is accurate and up to date, we also provide monitoring services to help you ensure that nobody applies for credit in your name without approval or steals your identity. By understanding what impact your credit report has to your ability to secure loans, credit cards and other financial facilities you are more likely to be offered credit. http://www.creditbureaucambodia.com/component/content/64.html?task=viewFri, 16 Sep 2011 10:25:42 +0000 Benefits Of Membership Corporate members benefit in a number of ways from more accurate, real time and improved credit reporting data.  Firstly members share their reporting data, ensuring that the same asset is not used to underwrite multiple loan agreements. This reduces the risk for the lender and reduces the number of non-performing loans within the Cambodian economy. By understanding your customers credit requirements at a more in-depth level you can start to recommend the products and services that best fit that customers credit profile.  This increases your competitive advantage and builds customer loyalty whilst increasing sales of new products and services. Our members reduce the overall risk associated with both individual loans and their loans portfolio, and at the same time are able to increase their revenue opportunities by understanding exactly when to extend credit to profitable accounts. By introducing automation into the credit approval process our members can reduce the costs involved within their credit approval process, whilst at the same time reducing the time taken to extend credit to those accounts that offer low risk. Financial services providers in Cambodia are required to have a fraud compliance program in place to prevent, detect and mitigate identity theft. The CBC provides the required authentication tools, fraud scoring models, consumer identification; credit information and decision tools that help our members establish a compliant identity theft system. We also assist our members detect and monitor suspicious activity that could be a result of money laundering and report it to the relevant authorities in Cambodia. http://www.creditbureaucambodia.com/component/content/63.html?task=viewFri, 16 Sep 2011 10:24:20 +0000 Management Team We are just pulling this information together.  Please check back soon and you will be able to view the details. http://www.creditbureaucambodia.com/component/content/62.html?task=viewFri, 16 Sep 2011 10:23:20 +0000 Board of Directors The CBC Board of Directors Name Position Ms. Chea Serey View Profile (http://www.linkedin.com/profile/view?id=12553938) Chairwoman of the Board of Directors Mr. Vann Charles Chuon Board Director Mr. In Siphann Board Director Mr. Chea Phalarin Board Director Mr. John Roberts View Profile (http://www.linkedin.com/profile/view?id=11104890) Board Director Mr. William Lim View Profile (http://www.linkedin.com/profile/view?id=32251532) Board Director Mr. Sok Siphana Independent Director   http://www.creditbureaucambodia.com/component/content/61.html?task=viewFri, 16 Sep 2011 10:22:45 +0000 Shareholding Structure Shareholding Structure of "Credit Bureau Holding (Cambodia) Ltd that forms up to 51% of the shareholding in the CBC's stake is as follows. The Association of Banks Cambodia 30%   View the ABC Website (http://www.abc.org.kh) Cambodia Micro Finance Association 10%  View the CMA Website (http://www.cma-network.org) ACLEDA Bank 5%                                        View the Acleda Bank Website (http://www.acledabank.com.kh/) Union Commercial Bank 5%                         View the Union Commercial Bank Website (http://www.ucb.com.kh) First Commercial Bank 1%                           View the First Commercial Bank Website (https://www.firstbank.com.tw/en_index.html) The other 49% of the company is held by VEDA Advantage Cambodia Holdings Pte Limited part of VEDA.  View the VEDA Website. (http://www.veda.co.nz/)       http://www.creditbureaucambodia.com/component/content/60.html?task=viewFri, 16 Sep 2011 10:05:58 +0000 Our Mission The mission of the Cambodia Credit Bureau (CBC) is to promote growth in Cambodia by encouraging responsible borrowing and lending within the Cambodian Economy. An accurate and reliable credit reporting capability is essential to the financial stability, development and economic diversification of the Kingdom of Cambodia. With a stable and accessible capability for credit reporting investors reduce the risks involved in investing into Cambodian businesses.  This helps to increase foreign and domestic capital invested into the Cambodian economy and helps to create further employment and business opportunity within the Kingdom. Our mission is to provide accurate real time credit information to Cambodian businesses and consumers, decreasing the risk of lending for businesses whilst at the same time making capital accessible to more Cambodian business and consumer borrowers. http://www.creditbureaucambodia.com/component/content/59.html?task=viewFri, 16 Sep 2011 10:04:35 +0000 About Us The Cambodia Credit Bureau (CBC) is the leading provider of information, analytical tools and credit reporting services to organizations and consumers in the Kingdom of Cambodia. The CBC assists our customers in managing the risk and reward of commercial and financial decisions. Using our comprehensive suite of credit reporting tools we foster an understanding of individuals, markets and the Cambodian economy.  We help organisations find, develop and manage customer relationships to make their businesses more profitable. CBC promotes greater financial stability by providing accurate real time data to consumers and industry that helps them control the financial aspects of their business.  We help businesses in Cambodia manage credit risk, prevent fraud and automate decision-making. The CBC also helps individuals in Cambodia to check their credit report to ensure they have access to loans and finance; we also help individual consumers protect themselves against identity theft. http://www.creditbureaucambodia.com/component/content/58.html?task=viewFri, 16 Sep 2011 10:00:46 +0000