FijiFair Reporting of Credit Act 2016, licensed credit reporting agencies and credit information
Fair Reporting of Credit Act 2016, ss. 3, 4, 13, 14, 20 and 22
In force.
A data brokers rule binding private bodies.
- Enforcement body
- Reserve Bank of Fiji
- Instrument type
- an act of a legislature
- Obligation class
- Licensing, Data subject rights, Retention, Governance
- Audit expectation
- periodic
- Who audits it
- Independent third party
What it requires
- Do not establish, operate or conduct business as a credit reporting agency in Fiji unless the Reserve Bank of Fiji has licensed you.
- If you are a credit reporting agency, comply with the regulations and rules made under the Act, the Reserve Bank's directions and the code of conduct it issues.
- If you are a credit reporting agency, retain positive credit information for 2 years after the credit is repaid, and negative information for 2 years after the credit is regularised or the arrears paid.
- If you are a credit reporting agency, give a person a copy of the credit information you hold on them, correct it on request, and let the person challenge its accuracy.
- If you are a credit reporting agency, submit to the Reserve Bank an annual compliance report certified by an independent auditor, covering the accuracy of the information, complaints and the adequacy of your data-confidentiality procedures.
- Do not receive credit information unless you are registered with the Reserve Bank as a credit report recipient, and do not provide credit information unless you are registered as a credit information provider; a utility provider must register as both.
These lines are LexLint's reading of the law's text.
What this law does
Under the Fair Reporting of Credit Act 2016, a person must not establish, operate or conduct business as a credit reporting agency unless the Reserve Bank of Fiji has licensed that person. Under the Act, a person must not receive credit information without registering with the Reserve Bank of Fiji as a credit report recipient, or provide credit information without registering as a credit information provider.
Under the Act, a credit reporting agency must retain positive credit information for 2 years after the credit has been repaid. Under the Act, a person has the right to receive a copy of the information a credit reporting agency holds about the person, to require its correction and to challenge its accuracy. Under the Act, a credit reporting agency must submit to the Reserve Bank of Fiji an annual compliance report certified by an independent auditor.
Under the Act, the Reserve Bank of Fiji may fine a violator an initial amount not exceeding $250,000 and a further amount not exceeding 5% of the initial fine for each day the violation continues. The Fair Reporting of Credit Act 2016 applies in addition to other legislation on confidentiality, privacy and data protection. The Reserve Bank of Fiji granted the first credit reporting agency licence under the Fair Reporting of Credit Act 2016 on .
When LexLint raises it
When your app profile says your app provides financial services or processes personal data.
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