LibyaLibyan Credit Information Center, Credit Inquiry System Regulation: credit bureau duties, member duties and customer rights
In force.
A data brokers rule binding public and private bodies.
- Enforcement body
- Central Bank of Libya
- Instrument type
- a regulation made under an act
- Obligation class
- Prohibition, Retention, Data subject rights
What it requires
- If you run the Libyan Credit Information Center, keep credit information confidential and private, and do not publish it or use it for purposes the Credit Inquiry System Regulation does not set out.
- If you run the Libyan Credit Information Center, do not keep credit information on a borrower's accounts that could have a negative effect on the borrower's access to financing for more than ten years from the date those accounts are closed.
- If you run the Libyan Credit Information Center, set up a mechanism for receiving customers' complaints and procedures for deciding them, and where a customer's objection is upheld investigate it and correct, complete or update the information within 15 days.
- If you are a financial institution that grants financing and is a member of the Center, keep a database of the complaints you receive about credit data and the results of examining them.
- Expect the Central Bank of Libya to inspect and audit you as a member of the Center at any time if there are indications that you breached the regulation.
These lines are LexLint's reading of the law's text.
What this law does
The Credit Inquiry System Regulation applies to all financial institutions that grant financing and are subject to the Banking Law. The primary purpose of the Libyan Credit Information Center is to collect, keep and protect credit data. The Center must keep credit information confidential and private, and must not publish it or use it for purposes other than those the regulation sets out.
The Center may not keep credit information on a borrower's accounts that could have a negative effect on the borrower's access to financing for more than ten years from the date those accounts are closed. The Center must set up a mechanism for receiving customers' complaints and procedures for deciding them.
Where a customer's objection to credit information has not been resolved by the lender that is a member, the Center must investigate the objection and correct, complete or update the information if the objection is upheld, within 15 days. A customer is entitled to a copy of the credit report prepared on them, on payment of the fee. The Central Bank of Libya may inspect and audit any member of the Center at any time if there are indications that the member breached the regulation. The regulation lists a member's failure to keep credit information confidential as a violation.
When LexLint raises it
When your app profile says your app provides financial services or processes personal data.
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