Credit Reporting Act, 2017 🇳🇬

Nigeria

Credit Reporting Act, 2017

Assented to on 30 May 2017
Commenced on 30 May 2017
[This is the version of this document from 30 May 2017.]

An Act to provide for the framework for credit reporting; and other related matters.ENACTED by the National Assembly of the Federal Republic of Nigeria

Part I – PRELIMINARY

1. Objectives of the Act

The objectives of this Act are to:

(a)facilitate and promote access to credit and enhance risk management in credit transactions;

(b)promote access to accurate, fair and reliable credit information and to protect the privacy of such information,

(c)set standards and conditions for the establishment. regulation and operations of credit bureau;

(d)promote fair and competitive credit reporting system;

(e)promote responsibility in the credit market by encouraging responsible borrowing, avoidance of over-indebtedness and fulfillment of financial obligations by consumers and discouraging recklessness credit granting by credit providers and contractual default by consumers; a…

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