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Chapter 84:01- Credit Reporting

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L.R.O. 1/2012
LAWS OF GUYANA
CREDIT REPORTING ACT
CHAPTER 84:01
Act
9 of 2010
Current Authorised Pages
Pages
(inclusive)
Authorised
by L.R.O.
1 – 38 ... 1/2012
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Note
on
Subsidiary Legislation
This Chapter contains no Subsidiary Legislation


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CHAPTER 84:01
CREDIT REPORTING ACT
ARRANGEMENT OF SECTIONS
SECTION
PART II
PRELIMINARY
1. Short title.
2. Interpretation.
PART II
LICENSING OF CREDIT BUREAUS
3. Licence to carry on credit bureau activities.
4. Application for licence.
5. Evaluation of application.
6. Issuing of licence.
7. Revocation of licence.
8. Supervision of credit bureau.
9. Power to issue instructions.
10. Annual audit and compliance review.
PART III
CREDIT REPORTING
11. Permissible purpose.
12. Credit information providers.
13. Consent.
14. Data quality and security.
15. Confidentiality.
16. Immunity.
17. Retention period.
18. Cross-border data flows.
19. Security.
PART IV
CREDIT BUREAU ACTIVITY
20. Governance.
21. Capital requirement.
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SECTION
22. Permissible activities.
23. Duties and responsibilities.
24. Liquidation of a credit bureau.
PART V
RIGHTS OF THE CONSUMER
25. Right to information by the consumer.
26. Notification.
27. Access to information or data.
28. Challenging data.
29. Dispute resolution.
30. Legal action.
PART VI
MISCELLANEOUS
31. Civil liability for wilful or negligent non-compliance.
32. Unlawful disclosure.
33. Power to make regulations.
34. Co-operation with supervisory authority
__________________________

9 of 2010 An Act to establish a credit reporting industry with the aim
of enabling more reliable, competitive, and
responsible credit lending while protecting
borrower’s rights.
[10TH JUNE, 2010]
CHAPTER 84:01
CREDIT REPORTING ACT
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Credit Reporting Cap. 84:01 5
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PART I
PRELIMINARY
Short title.
Interpretation.

c. 85:02
c.89:01
1. This Act may be cited as the Credit Reporting Act.
2. In this Act –
“adverse action” means any denial, cancellation or any
unfavourable change in the terms and conditions of a
transaction regarding a consumer based in whole or
in part on information contained in a credit report;
“authorised person” means a person authorised by the credit
bureau to access the data or information collected and
processed by the credit bureau;
“the Bank” means the Bank of Guyana established under the
Bank of Guyana Act;
“Companies Act” means the Companies Act;
“consumer” means any legal or natural person whose data
has been included in a credit bureau;
“credit bureau” means a legal person licensed under this Act
to engage in the practice of collecting and processing
credit information or other related information for the
purpose of furnishing credit reports and offering
value added services;
“credit information” means the information referred to in
section 12 (5);
“credit information provider” means any entity that
furnishes credit information to a credit bureau;
“credit provider or lender” means an institution, part of
whose activities is providing lending service to its
clients;
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“credit report” means information related to the economic
obligations of a consumer, including the payment
history of such obligations, guarantees, publicly
available information and any other relevant data
compiled by a credit bureau;
“credit-scoring” means a statistical formula that is used,
usually with the help of computers, to estimate future
performance of prospective borrowers and existing
consumers;
“data available to the public” means any data subject to be
disclosed to the general public according to the laws
of Guyana;
“data processing” means any operation or set of operations
or technical procedures, automated or not, which
permits, within a data base, compiling, organising,
storing, elaborating, selecting, extracting, comparing,
sharing, communicating, transmitting or cancelling of
data;
“data quality adequacy” means the adequacy of the data
quality to the level prescribed by regulations;
“file” in relation to information on any consumer means, all
of the information on that consumer recorded and
retained by a credit bureau regardless of how the
information is stored;
“format” means the standardised layout, agreed to by the
credit information providers and the Bank, of data or
information to be submitted to a credit bureau;
“negative credit information or data” means adverse
information related to a consumer including but not
limited to credit defaults or late payments to all types
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of lending facilities;
“personal information” means any information about a
consumer, other than –
(a) credit information;
(b) the consumer’s name, present and
past addresses, national registration
number or other numerical reference,
or reference scheme used for
identification purposes; and
(c) any other relevant information about
the consumer which is reasonably
required in order to enable the credit
information to be utilised for the
purposes of this Act;
“positive credit information or data” means any consumer
information including, but not limited to, a
consumer’s total credit exposures including loans
sizes, maturity, terms and conditions, repayments
and collaterals;
“service provider or third party service provider” means a
third party providing services of collecting,
compiling, storing and processing data or
information on behalf of a credit information
provider or a credit bureau according to a specific
agreement signed by the parties;
“source” means the source from where the information is
originally obtained;
“user” means any person entitled under section 11 to access
the data or information contained in a credit bureau;

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Licence to carry
on credit bureau
activities.

c. 89:01

Application for
licence.
“value added services” means any service based on the data
or information provided by credit information
providers and any other data lawfully obtained by a
credit bureau which the credit bureau may, in
addition to credit reporting, provide to increase the
value of the service it offers including, but not limited
to, alert, anti-fraud, credit scoring and identification
theft prevention.
PART II
LICENSING OF CREDIT BUREAUS
3. (1) A person shall not engage in credit bureau
activities in Guyana without a licence under this Act.
(2) A person shall not be licensed to carry on the
business of a credit bureau unless that person is a body
corporate under the Companies Act, limited by shares and
whose activities are restricted by its articles of incorporation
to carrying on the business of a credit bureau.
(3) Any person who contravenes subsection (1)
commits an offence and is liable on summary conviction to a
fine of one million dollars and imprisonment for one year
and to a further fine of fifty thousand dollars for each day
during which the offence continues after conviction.
(4) A credit bureau shall not carry on the business
of a credit bureau unless it pays annually the fee as
prescribed by the Bank.
(5) Any credit bureau which contravenes
subsection (4) commits an offence and is liable on summary
conviction to a fine of one million dollars.
4. (1) A person shall apply to the Bank in the
prescribed form for a licence to carry on the business of a
credit bureau.
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(2) An applicant for a licence to carry on the
business of a credit bureau shall submit a fee as prescribed
by the Bank along with the application which shall include
the following –
(a) a statement which shall contain the
name of the applicant, address of its
registered office in Guyana, and the
name, address and nationality of each
director;
(b) a certified copy of its articles of
incorporation and certificate of
incorporation;
(c) a mission statement and goals;
(d) operation manuals, including
manuals on data loading, quality
control, security policies, user
manuals and procedures for
processing requests from consumers;
(e) a five year business plan, continuity
plan, ownership, governance and
management structure;
(f) proposed pricing policy;
(g) proposed format and layouts of
information including mandatory
fields and voluntary fields to be
supplied by the credit information
providers;
(h) proof as may be required by the Bank
that the company satisfies the
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Evaluation of
application.

Issuing of
Licence.
minimum stated capital required by
section 21; and
(i) any other information as the Bank
may reasonably require.
(3) The Bank may require the applicant to attest to
the truth of the statements made in the application by
submitting a duly notarised affidavit to that effect.
5. For the purpose of evaluation of an application
for a licence the Bank may require –
(a) an audit;
(b) further documents or information; or
(c) personal interview with the directors of
the applicant.
6. (1) The Bank may within sixty days of receipt of
an application, grant or refuse to grant a licence.
(2) The Bank may refuse to accept an application
which does not contain all of the information specified in
section 4, by providing written notice to the applicant of
such refusal.
(3) The Bank shall within fourteen days from the
receipt of an application referred to in subsection (1) send
the applicant a formal letter of acceptance or refusal of the
application or a letter of deficiency which stipulates a
deadline for the rectification of the deficiencies outlined.
(4) The Bank shall take no further action in the
matter and the computation of the time under subsection
(1) will not commence unless the deficiencies are rectified
within the time specified.

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Revocation of
licence.
(5) The time limit provided in subsection (1) may
be extended by the Bank for an additional period not
exceeding thirty days upon written notice to the applicant
stating that further information is needed to review the
application.
(6) Upon determination that the applicant satisfies
the requirements of this Act the Bank may, after
consultation with the Minister, issue a licence.
(7) A licence shall be in the prescribed form and
shall be valid unless it is revoked in accordance with
section 7.
(8) A fee in an amount prescribed by the Bank
shall be payable by a credit bureau to the Bank for the issue
of the licence and after the issue of the licence the
prescribed fee shall be paid not later than 1st February each
year.
(9) A licence to carry on business as a credit
bureau may contain such terms and conditions as may be
specified by the Bank.
(10) The Bank shall publish in the Gazette and at
least two daily newspapers of general circulation in Guyana
notice of the issue of the licence.
(11) If the Bank determines that the applicant does
not satisfy the requirements of this Act, the Bank shall
inform the applicant in writing of its reasons for refusal to
grant the licence.
7. (1) The Bank may, after consultation with the
Minister, revoke a licence where –
(a) a credit bureau has failed to comply
with any term or condition specified
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in the licence;
(b) a credit bureau has failed to comply
with any of the provisions of this Act
or any other law to which it is subject;
(c) a credit bureau has failed to comply
with any direction given under
section 9 within the time specified;
(d) a credit bureau has provided the Bank
with false or inaccurate information;
(e) a credit bureau does not commence
operations within six months after the
issuance of its licence;
(f) a credit bureau is in breach of any
duty or obligation imposed upon it by
this Act;
(g) a credit bureau has committed a
misrepresentation, fraud or other
dishonest act, or has demonstrated
incompetence or untrustworthiness in
the operation of its business;
(h) consumers' rights and interests are
threatened;
(i) the carrying on of business by a credit
bureau is no longer in the interest of
the public.
(2) Before revoking a licence, the Bank shall –
(a) give the credit bureau notice in
writing of its intention to do so,
specifying the grounds upon which it
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proposes to revoke the licence; and
(b) inform the credit bureau of its
entitlement to submit within a period
specified by the Bank a written
statement of reasons why the licence
shall not be revoked.
(3) Where in relation to any statement delivered
under subsection (2) (b) the Bank is of the opinion that the
credit bureau has failed to give sufficient reason why the
licence should not be revoked the notice of revocation shall
become final and the licence of the credit bureau to which the
notice was delivered shall be revoked by the Bank within
such time as may be specified in the notice of its decision.
(4) Where the Bank decides to revoke a licence,
the Bank shall give to the credit bureau a notice in writing of
its decision and the Bank shall publish notification of the
revocation in the Gazette and two daily newspapers of
general circulation in Guyana.
(5) Where a licence is revoked under this section,
the credit bureau shall cease to carry on the business of a
credit bureau as of the date stated in the notice and the Bank
shall give to the credit bureau such directions or notice as it
thinks fit with a view to securing the confidentiality,
preservation and storage of any credit information
concerned.
(6) A credit bureau which fails to comply with
directions given under subsection (5) commits an offence and
is liable on summary conviction to a fine of two million
dollars and to a further fine of fifty thousand dollars for each
day that the offence continues after conviction.
(7) The Bank shall revoke the licence of a credit
bureau where the credit bureau –

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Supervision of
Credit bureau.
(a) merges or amalgamates with another
company and the licence is no longer
required;
(b) goes into liquidation or is wound up
or otherwise dissolved; or
(c) ceases to carry on the business for
which it was licensed.
8. (1) The Bank shall have overall authority to –
(a) issue a licence to any applicant for a
licence to operate a credit bureau in
Guyana; and
(b) supervise the activities of a credit
bureau.
(2) In the performance of his duties under this Act
an authorised officer of the Bank shall be entitled at all
reasonable times to –
(a) conduct on-site inspections of a credit
bureau's premises or every premise
where the service is provided and the
credit information is compiled,
processed and stored, as often as the
Bank shall deem necessary;
(b) have access to all books, accounts,
records, contracts, minutes of
meetings, and any other documents,
electronic data and any other relevant
information in the possession or
control of any director, officer or
employee of any credit bureau;
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Power to issue
instructions.
(c) require any director, officer,
employee, or auditor of any credit
bureau to furnish such information or
to produce such books, records or
documents as are in their possession
or control that relate to the operations
of the credit bureau;
(d) summon any director, officer,
employee, or auditor of any credit
bureau to appear before a Committee
appointed by the Bank to investigate
or review any aspect of the credit
bureau's operations.
(3) The Bank may appoint one or more persons
whom it deems to be qualified to conduct on-site inspections
at a credit bureau's premises or the premises where the
service is provided.
(4) The Bank may in the case of an inspection
conducted, charge the fees and costs of such inspection to the
credit bureau being inspected and require payment of such
fees and costs by the credit bureau.
(5) Any person summoned to attend or produce
books or documents under this section who refuses or
neglects to do so, or refuses to answer any question put to
him by or with the concurrence of the investigator, commits
an offence and is liable on summary conviction to a fine of
five hundred thousand dollars.
9. Where in the opinion of the Bank, a credit bureau
has failed to comply with this Act, any order, direction or
notice imposed by the Bank or any condition in the licence,
the Bank may instruct the credit bureau in writing to
perform the acts as in the opinion of the Bank are necessary
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Annual audit
and compliance
review.
to rectify the situation and on failure of the credit bureau to
do so the Bank may –
(a) restrict the scope of its business in a
particular way;
(b) suspend the licence until it rectifies
the situation;
(c) order the suspension or removal from
office of any director, officer,
employee or other person of the credit
bureau; or
(d) take any other action that may be
necessary.
10. (1) Every credit bureau shall with the approval of
the Bank appoint annually an independent auditor to
conduct an annual and compliance review of the credit
bureau in accordance with this Act and applicable
standards.
(2) The duties of an auditor appointed under this
section shall include the following –
(a) to make a full review of the credit
bureau's records and accounts and to
make to the shareholders of the credit
bureau a report on the financial
statements indicating whether in his
opinion such statements are fair and
properly drawn up, whether they
exhibit a true and fair statement of the
affairs of the credit bureau in
accordance with applicable standards
and requirements as to format and
content specified by the Bank, and in
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any case in which the auditor has
called for information or explanation
from the directors, officers or agents of
the institution, whether a satisfactory
response was received;
(b) to make a full review of the credit
bureau's internal control and security
structures, risk management controls
and the credit bureau's procedures for
compliance with the requirements of
this Act and with any standards
applicable to credit bureaus;
(c) to prepare a full report of its findings
which it shall submit to the credit
bureau.
(3) Prior to making his reviews and reports under
this section the auditor shall obtain from the credit bureau a
copy of the most recent report of inspection of the credit
bureau prepared by the Bank and any order, direction, notice
or other action issued or taken by the Bank under this Act.
(4) A credit bureau shall within three months of
the end of its financial year deliver the audit report to the
Bank and which report it shall deliver to shareholders within
two weeks of delivery of the report to the Bank.
(5) A credit bureau shall bear the cost of the
annual audit and compliance review.
(6) An auditor performing his duties under this
section shall not be liable to any person in any action in tort
or contract for any act done or not done, or any statement or
report made or not made, in good faith and in the exercise of
his duties under this section and his reasonable professional
judgment.
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Permissible
purpose.
(7) If any credit bureau fails to comply with the
requirements of subsection (4) it commits an offence and is
liable on summary conviction to a fine of five hundred
thousand dollars.
PART III
CREDIT REPORTING
11. (1) A credit bureau shall not disclose credit
information except–
(a) to a credit information provider who
it has reason to believe intends to use
the information in connection with a
credit transaction involving the
consumer in respect of whom the
information is to be furnished and
involving the extension of credit to, or
review or collection of an account of
the consumer;
(b) to a credit information provider to
evaluate the creditworthiness of a
consumer;
(c) to a third party service provider for
the purpose of collecting, compiling,
storing and processing data or
information in accordance with the
specific agreement signed by the
parties;
(d) to the consumer to whom the
information pertains;
(e) with written permission and
instructions of the consumer to whom
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Credit
information
providers.

c. 85:03

c. 85:03
it relates, for the purposes of –
(i) purchasing or collecting of a
debt of a consumer to whom
the information pertains;
(ii) entering into a renewal of a
tenancy agreement;
(iii) underwriting of insurance
involving the consumer;
(iv) facilitating a financial or other
commercial transaction involv-
ing the consumer;
(v) employment of the consumer.
(2) A credit bureau that wilfully discloses credit
information in contravention of the provisions of this section
commits an offence and is liable on summary conviction to a
fine of one million dollars.
12. (1) A credit bureau may obtain credit information
as provided in subsection (5) from any of the credit
information providers referred to in subsection (2).
(2) The credit information providers are –
(a) a bank licensed under the Financial
Institutions Act;
(b) a company other than a bank licensed
to conduct financial business under
the Financial Institutions Act;
(c) any other entity the Bank may
designate as a credit information
provider by notice published in the
Gazette and two daily newspapers of
general circulation in Guyana.

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(3) A credit information provider shall not
provide credit information unless the credit information
provider is satisfied after undertaking all reasonable
enquiries and investigations, that the information is reliable.
(4) For the purpose of this Act, credit information
is reliable if it –
(a) is accurate in all materials respects;
(b) is presented in a fair and balanced
manner; and
(c) does not include the personal
information of any consumer unless
the consumer consents in writing to
the inclusion, and such consent is
attached to the information.
(5) Subject to subsection (3), a credit information
provider may disclose to a credit bureau, the following
information –
(a) the amount and nature of loans or
advances or other credit facilities
granted by a credit information
provider to any consumer;
(b) the nature of the security taken from
any consumer in respect of credit
facilities granted to the consumer by a
credit information provider;
(c) the nature of any guarantee or other
non-fund based facility furnished to
any consumer by a credit information
provider;

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(d) information about any consumer's
financial means, creditworthiness or
history of financial transactions
including antecedents and adverse
court judgments, obtained by the
credit information provider in relation
to transactions involving the provider;
(e) any credit related information that the
Bank considers appropriate to include
as credit information for the purposes
of this Act and specifies by notice
published in the Gazette and two daily
newspapers of general circulation in
Guyana.
(6) A credit information provider that
contravenes subsection (3) commits an offence and is liable
on summary conviction to a fine of one million dollars.
(7) A credit bureau may collect data or
information from public sources, including –
(a) data available to the general public;
(b) court judgment;
(c) immovable property registers;
(d) company registers.
(8) A credit bureau commits an offence if that
credit bureau discloses credit information obtained from a
person other than a credit information provider or from a
source referred to in subsection (7) and is liable on summary
conviction to a fine of one million dollars.

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Consent.

Data quality
and security.
13. (1) A credit information provider shall not share
with a credit bureau data or information including electronic
data or information collected on a consumer without the
consumer's prior consent.
(2) Consent may be recorded in any format and
where it is electronically recorded it shall be accompanied by
an electronic signature.
(3) Consent shall be included in the consumer's
credit application.
(4) A credit information provider shall not share
with a credit bureau personal information about a consumer
unless the information is necessary for one or more of the
credit reporting or credit risk appraisal functions or activities
of the credit bureau and shall only be shared with the written
consent of the consumer.
(5) A credit information provider that
contravenes subsection (1) or (4) commits an offence and is
liable upon summary conviction to a fine of one million
dollars.
14. (1) A credit bureau shall have in place operational
guidelines and security systems and shall take all reasonable
steps to ensure that credit information received from the
credit information providers is accurately recorded, up to
date and is protected against loss, unauthorised access or
use, modification, or unauthorised disclosure.
(2) A credit bureau shall keep records of all
incidents on data quality breaches held under its system.
(3) A credit bureau may refuse to create a file
based on information received from credit information
providers if it considers the information not to be reliable.

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Confidentiality.
c. 85:06
c. 85:03

c. 75:01

c. 47:02

Immunity.
15. (1) Subject to subsection (2) any person including
credit information provider officials, credit bureau users and
any other person who receives, compiles, processes or stores
credit information or who is otherwise concerned with the
administration of this Act, shall not disclose the contents of
confidential documents or information received in
connection with the performance of any duty or function
under this Act.
(2) A disclosure shall not be deemed inconsistent
with any duty imposed by this section, where it is a
disclosure permitted under the provisions of this Act.
(3) A licensed financial institution that provides
data to a credit bureau under this Act does not violate the
provisions of –
(a) sections 49 and 63 of the Off-Shore
Banking Act;
(b) section 63 of the Financial Institutions
Act;
(c) section 23 of the Co-operative
Financial Institutions Act;
(d) the Telecommunication Act; and
(e) any other relevant law.
(4) A person who contravenes subsection (1)
commits an offence and is liable on summary conviction to a
fine of one million dollars and imprisonment for six months.
16. The Bank, a credit bureau, any of their directors,
officers or employees, or a credit information provider shall
not be liable in damages for disclosing information in good
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Retention
period.

Cross-border
data flows.

faith in the performance of their duties under the provisions
of this Act.
17. (1) A credit bureau shall maintain in respect of
each consumer about whom it has obtained credit
information, a file –
(a) stored in a secured manner;
(b) consisting of all the material and
information that a consumer is
entitled to have access to under
section 27;
(c) for a period of seven years after the
date of termination or settlement of
the credit extended by the credit
provider or lender.
(2) In a case where the contract between a credit
information provider and a credit bureau is terminated the
credit information provider shall continue to supply for the
time that the Bank may specify, to the credit bureau, data
and information on those consumers who were previously
part of the periodic update under the terms and conditions
of the contract providing the contractual relation between
the credit provider or lender and the consumer has not been
terminated.
(3) A credit bureau that contravenes any of the
provisions of this section commits an offence and is liable
upon summary conviction to a fine of one million dollars.
18. A credit bureau may store and keep in a different
country data collected under this Act provided it is done
with the Approval of the Bank .

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Security.
19. (1) A credit bureau shall take the necessary steps
to protect the data or information in its custody, possession
or control from misuse, loss, unauthorised access and
modification or disclosure including the following –
(a) preparation of operational guidelines
and installation of security systems;
(b) providing computer security
programmes, access and data
communication protocols to prevent
unauthorised access to the computer
system and database, or interception
of communication between the credit
bureau and its users;
(c) maintenance of data access logs and
audit trails to record all activity in the
database and computer systems;
(d) providing disciplinary and
contractual procedures and penalties
to apply in the case of any
unauthorised or improper access,
modification or deletion of any
information held in the credit
bureau's database or computer
system, by any employee, agent or
contractor to the credit bureau; and
(e) conduct of workshops and
preparation of training manuals for
authorised personnel, covering the
requirements of this Act.
(2) When disclosing data or information to a third
party service provider additional measures shall be taken,
such as –
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Governance.

(a) the execution of an agreement between
the credit bureau and the third party
service provider containing the
conditions of the service regarding the
data or information;
(b) documented security measures
containing the specific steps to be taken
by the users in order to ensure the
protection and the integrity of the
database.
(3) A credit bureau which contravenes any
provision of this section commits an offence and is liable on
summary conviction to a fine of one million dollars.
PART IV
CREDIT BUREAU ACTIVITY
20. (1) A credit bureau shall have a board of directors
consisting of not less than five directors.
(2) A person may be appointed a director who is
qualified in law, banking, finance, administration or
accounting or any other fit and proper person.
(3) A person shall not be a director or officer or
perform any corporate management functions of a credit
bureau who –
(a) has been a director, chief executive
officer or other officer of a company
which has been wound up by a court
or has been placed in receivership;
(b) has been convicted by a court for an
offence involving dishonesty;
LAWS OF GUYANA
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L.R.O. 1/2012
c. 12:21


Capital
requirement.

(c) has been adjudged a bankrupt under
the Insolvency Act;
(d) in the opinion of the Bank is not a
person of sound probity and
character.
(4) Members of the board of directors shall ensure

(a) that the activities conducted by a
credit bureau are in full compliance
with the Act and with any other law
to which it is subject;
(b) that a specific unit is maintained to
attend to the requests of the
consumers under Part V;
(c) that competent and sufficient staff are
employed to comply with the
obligations according to this Act; and
(d) that a credit bureau appoints an
independent external auditor to
undertake the annual audit and
compliance review required by
section 10.
(5) The ownership of a credit bureau shall be
restricted to a maximum of 49% of ownership by the credit
information providers.
21. A credit bureau shall be required to satisfy the
minimum capital requirements specified by the Bank.

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28 Cap. 84:01 Credit Reporting
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Permissible
activities.

Duties and
responsibilities.
22. (1) A credit bureau may engage in the following
activities –
(a) collect and store information to create
credit histories;
(b) process credit related data;
(c) create credit reports and disseminate
them among the users in exchange for
the payment of a fee;
(d) carry out statistical research;
(e) provide value added services upon
request from the users based on data
stored in the credit bureau.
(2) A credit bureau shall not engage in activities
different from those described under subsection (1).
(3) A credit bureau which contravenes the
provisions of this section commits an offence and is liable on
summary conviction to a fine of one million dollars.
23. (1) A credit bureau shall –
(a) receive data or information from
credit information providers and load
such data or information into its
systems;
(b) provide the users with credit reports
upon request in accordance with the
provisions of this Act;
(c) grant access to the consumer's credit
reports on proof of identify;
LAWS OF GUYANA
Credit Reporting Cap. 84:01 29
L.R.O. 1/2012
(d) maintain the established level of data
quality adequacy;
(e) request credit information providers
to correct information when there are
sufficient grounds to do so;
(f) comply with this Act, orders,
directions, notices, instructions or
conditions imposed by the Bank and
any code of conduct on credit
reporting;
(g) maintain information in adequate
systems and premises to avoid
unauthorised access, loss, damage,
modification or unauthorised
disclosure;
(h) maintain data for the period
prescribed under section 17;
(i) dedicate a specific unit with trained
personnel to serve the requests of the
consumers and provide sufficient
protection to consumers regarding
their data in compliance with this Act;
(j) keep a log of all the enquiries or
requests received from the users in a
format that records the purpose for
which the information was requested;
and
(k) report all breaches of data security
promptly to the Bank.

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Liquidation of a
credit bureau.
c. 89:01
c. 89:01
(2) A credit bureau may charge a fee for its
services according to the credit bureau's pricing policy.
(3) A credit bureau may use the data from credit
information providers to build scoring models and value
added services.
(4) A credit bureau and the credit information
providers shall not use the credit information contained in
the credit bureau for marketing purposes.
(5) A credit bureau which contravenes the
provisions of subsections 1(g) and (h) and (4) commits an
offence and is liable on summary conviction to a fine of one
million dollars.
(6) A credit information provider which
contravenes the provisions of subsection (4) commits an
offence and is liable on summary conviction to a fine of one
million dollars.
24. (1) A credit bureau may be liquidated in
accordance with the Companies Act.
(2) Notwithstanding anything in the Companies
Act a credit bureau shall not, except with the approval of the
Bank, pass any resolution for the suspension of its activities
or the voluntary winding up of its business.
(3) Where the credit bureau is to be liquidated
under subsection (1) or action is taken under subsection (2)
the database containing information related to the credit
history of the consumers shall be transferred to the Bank to
decide if the credit bureau activities can be continued, or
whether the data shall be –
(a) destroyed;

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Credit Reporting Cap. 84:01 31
L.R.O. 1/2012

Right to
information by
the consumer.

Notification.
(b) returned to each credit information
provider; or
(c) transferred to another licensed credit
bureau by a bidding process.
PART V
RIGHTS OF THE CONSUMER
25. (1) Credit information providers shall inform
consumers of –
(a) the name, address and telephone
number of the credit bureau that will
collect, process and disseminate
information about consumers;
(b) the purpose of the collection,
processing and dissemination of the
information; and
(c) their rights to check their own credit
history as well as to correct erroneous
information.
(2) A credit bureau shall provide detailed
information regarding how to access or correct data.
26. (1) Where a credit provider takes adverse action
against a consumer based in whole or in part on a consumer
report received from a credit bureau the credit provider shall
inform the consumer of the action taken.
(2) The credit provider shall supply the name and
address of the credit bureau making the report together with
a notice that the consumer may obtain from the credit bureau
a free copy of the consumer report upon which the adverse
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32 Cap. 84:01 Credit Reporting
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Access to
information or
data.
action was taken.
27. (1) A consumer has the right to receive a copy of
all the information maintained by a credit bureau on his own
credit history, in the form of a credit report, which shall
include –
(a) a list of users that have accessed his
data during the previous six months;
(b) detailed information on the
description of any codes used in the
report so the consumer can clearly
understand the report; and
(c) the source of the data or information.
(2) A consumer shall have the right to obtain a
credit report free of charge in the following circumstances –
(i) once a year upon his request; and
(ii) where arising from an investigation
under section 28 any data or
information error is attributable to a
credit information provider or a
credit bureau.
(3) The fee for further access to information or
data shall be reasonable according to administrative costs
borne by the credit bureau.
(4) A consumer has the right to obtain a copy of
the credit report from a credit bureau in any of the following
forms –

LAWS OF GUYANA
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L.R.O. 1/2012
Challenging
data.

(a) in person;
(b) in writing upon receipt of sufficient
proof of identity; or
(c) on-line if adequate measures are in
place to avoid unauthorised access.
(5) A credit bureau shall respond within fourteen
days of receipt of the consumer's request for a copy of his
credit report.
28. (1) If the information contained in his credit
report is disputed by a consumer, as being illegal, inaccurate,
erroneous or outdated the consumer shall notify the credit
bureau in writing of the dispute and shall provide sufficient
evidence including documents to support his request for the
resolution of the dispute.
(2) The credit bureau shall investigate and resolve
the matter within thirty days of receipt of the consumer's
request, and may –
(a) if the inaccuracy is attributable to a
public source, notify the source and
request that accurate information is
provided;
(b) if the inaccuracy is attributable to the
credit information provider, inform
the credit information provider and
follow the procedures established for
consumer's rights.
(3) During the investigation the credit bureau shall make a note in the consumer's report that it has been
challenged and inform the users of such investigation.

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34 Cap. 84:01 Credit Reporting
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(4) The credit bureau shall notify the consumer of
the results of the investigation and may –
(a) delete the data or information if on
investigation it is found to be illegal,
inaccurate, erroneous or outdated;
(b) modify the data in the terms
contained in the request submitted by
the consumer; or
(c) if the investigation does not resolve
the dispute notify the consumer of his
right to file a brief statement setting
forth the nature of the dispute,
provided that –
(i) the statement shall, as far as
practicable, not exceed one
hundred words; and
(ii) it shall be the duty of the credit
bureau if requested by the
consumer, to provide the
consumer with competent
assistance in writing a clear
summary of the nature of the
dispute.
(5) Where a statement of a dispute is filed under
subsection (4)(c), the credit bureau shall, in any subsequent
credit report containing the information in question, clearly
note that it is disputed by the consumer and provide either
the consumer's statement or a clear and accurate summary of
the statement.
(6) Following any deletion or modification of
information which is found to be illegal, inaccurate,
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Dispute
resolution.

Legal action.
erroneous or outdated or any notation as to disputed
information, the credit bureau shall furnish –
(a) notification that the item has been
deleted or modified as the case may
be; or
(b) notification of the statement or
summary filed or provided pursuant
to subsection (4) or (5),
to any person who has within two years prior to the deletion,
modification or notation received a consumer report which
contained the challenged data.
(7) Credit information providers and credit
bureaus shall issue adequate guidelines to ensure compliance
with the preceding subsections.
29. (1) A consumer who is dissatisfied with the action
taken under section 28 or who believes a credit bureau or
credit information provider has contravened this Act with
respect to information affecting the consumer, may make a
complaint of the matter in writing to the entity or person
designated by the Minister to hear the matter.
(2) The entity or person designated by the
Minister under subsection (1) shall investigate the matter and
determine it within thirty days of the commencement of the
investigation.
(3) A consumer who is dissatisfied with a
decision of the entity or person designated by the Minister
may appeal to the High Court.
30. Notwithstanding anything in this Act, a
consumer is entitled to commence legal action against a
credit information provider, or a credit bureau where the
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Civil liability
for wilful or
negligent non-
compliance.

consumer has suffered damages as a result of the misuse or
inaccuracy of the data.
PART VI
MISCELLANEOUS
31. (1) Any credit bureau, credit information
provider or user of the consumer information which wilfully
fails to comply with any requirement imposed under this Act
with respect to any consumer is liable to that consumer in an
amount equal to the sum of –
(a) any actual damages sustained by the
consumer as a result of the failure;
(b) such amount of punitive damages as
the High Court may allow; and
(c) in the case of any successful action to
enforce any liability under this
section, the costs of the action
together with reasonable attorney's
fees as determined by the High Court.
(2) Any person who is negligent in complying
with any requirement imposed under this Act with respect to
any consumer is liable to that consumer in an amount equal
to the sum of –
(a) any actual damages sustained by the
consumer as a result of the failure;
(b) in the case of any successful action to
enforce liability under this section, the
costs of the action together with
reasonable attorney's fees as
determined by the High Court.

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L.R.O. 1/2012
Unlawful
disclosure.

Power to make
regulations.
32. (1) An authorised person who intentionally
provides information concerning a consumer from a credit
bureau's files to an unauthorised person shall be liable on
summary conviction to a fine of one million dollars and to
imprisonment for six months.
(2) An unauthorised person who intentionally
obtains information regarding a consumer from a credit
bureau or credit information provider under false pretence
commits an offence and is liable on summary conviction to a
fine of one million dollars and to imprisonment for six
months.
(3) Where a person commits an offence under this
Act, for which no penalty is expressly provided, the person is
liable on summary conviction to a fine of five hundred
thousand dollars.
33. (1)The Bank may make such subsidiary
legislation, and issue such notices or directions or make
guidelines as may be required for the carrying out of the
purposes of this Act.
(2) Without prejudice to the generality of the
provisions of subsection (1), the regulations, notices and
guidelines may in particular provide for all or any of the
following matters –
(a) the form of an application for a
licence and of a licence;
(b) the fees payable along with the
application for a licence and for the
grant of a licence;
(c) the scope and procedure for the
conduct of the annual audit and
compliance review;
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Cooperation
with
supervisory
authority.
(d) the procedure and security
mechanisms for the cross-border
transfer of data;
(e) prescribing the particulars and the
form of the books, accounts and
records to be kept by a credit bureau
and the returns to be made by a credit
bureau;
(f) prescribing the level of data quality
adequacy;
(g) prescribing the capital requirements
of a credit bureau;
(h) any other matter that is required to
be or may be prescribed by or under
this Act.
(3) Regulations made under this section may
provide for a penalty, on summary conviction of a fine not
exceeding one million dollars.
34. Every entity having supervisory control over
credit information providers shall co-operate with the Bank
and grant to the Bank such assistance as it may reasonably
require in the exercise of its functions under this Act.
____________________