Section 52B: Establishment of Credit Scoring Services Agency

52B. Establishment of Credit Scoring Services Agency (1) Notwithstanding section 51A(4) or any other enactment, the Bank may, by itself, through a subsidiary or any other legal entity, establish a Credit Scoring Services Agency for the purpose of providing credit scores on an applicant for credit on such terms and conditions as it may determine. (2) The Bank may, for the purpose of subsection (1) – (a) make use of information available in the Credit Information Bureau established under section 52; and (b) request any person to provide it with such information as it may consider necessary for the establishment of the Credit Scoring Services Agency. (3) Notwithstanding section 26 or any confidentiality provisions under any enactment, the Credit Information Bureau and any person to whom a request is made under subsection (2) shall extend assistance to, and comply with the request of, the Credit Scoring Services Agency. (4) The Bank may impart, on such terms and conditions as it may determine, information maintained in the Credit Scoring Services Agency to – (a) any public sector agency or law enforcement agency to enable the public Acts 2020 187 sector agency to discharge, or assist it in discharging, any of its functions; or (b) such institution and for such purpose as it may determine, where the person from whom the information is sought has given his written consent for the information to be disclosed to the institution. (5) Where the applicant for credit is not satisfied with the credit score provided by the Credit Scoring Services Agency, he may consult the Credit Scoring Services Agency which shall inform him of the manner in which his credit score was computed and assessed. (6) The Bank may, for the purpose of this section, make such regulations or issue such directives, instructions or guidelines as it may determine. (7) In this section – “credit score” means an assessment of the creditworthiness of an applicant for credit.