Section 52B: Establishment of Credit Scoring Services Agency
This section is inserted by Finance Act 2020, section 3.
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
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
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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.