Credit Information Sharing: Industry Code of Conduct Unveiled

The Code of Conduct has 3 key objectives: 

• Data quality
• Consumer protection
• Customer-centricity

The Code has enumerated the following 12 credit reporting principles: 

▪ Lawfulness – customer information must be shared in accordance with  applicable laws and regulations and international best practice

▪ Minimality –credit information must be adequate, timely, relevant, and not  excessive in relation to intended purposes  

▪ Consent and purpose specification –Members should obtain clear and  specific consent from their customers to share their credit information,  preferably in writing 

▪ Data retention periods – Credit information shall be retained by the  bureaus for the minimum period stipulated in Regulation  

▪ Information quality – Consumer credit information must be accurate,  complete and up-to-date. CRBs and Members are both responsible for the  quality of consumer credit information.  

▪ Notification to consumers – Members must issue customers with specific  pre-listing, post-listing and adverse action notices as well as any other  notice stipulated in the CRB Regulations 

▪ Full file sharing – Members undertake to share full file information daily  with all licensed CRBs and update credit information as soon as any change  occurs and to correct any errors as soon as they are noticed 

▪ Security and confidentiality – Information must be protected against  accidental, unlawful destruction, unlawful intrusion, loss and wrongful  alteration, unauthorized disclosure and access  

▪ Access to credit information – Members will provide consumers with credit  reports under all circumstances stipulated under the Regulations ▪ Data standardization – Members undertake to share data using the most  current DST and through the industry Data Validation Tool in line with the  CRB Regulations 

▪ Customer complaints and dispute resolution- Members undertake to  maintain functional and efficient dispute resolution processes and to  educate customers on their rights including the right to refer unresolved  disputes to Tatua Center, an Alternative Dispute Resolution Center  established by CIS Kenya.  

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