Credit Reporting Act

Credit: Treinen Law Office

The Nigerian Senate recently passed two bills into law to facilitate access to credit for entrepreneurs especially small and medium scale enterprises. These bills were later signed into law by Acting President Yemi Osinbajo to become the Secured Transactions in Movable Assets Act 2017 and the Credit Reporting Act 2017.

The focus of the Credit Reporting Act 2017 is to avail lenders reliable information upon which they may exercise their discretion on granting loan facilities to small and medium enterprises among others. It also provides an opportunity for the business outlets to have information about their credit history for use in securing loans.

The Act introduces important data protection measures to be complied with by credit bureaus, credit information givers and users while also providing the opportunity for data subjects to challenge the veracity of information provided about them.

You can download the Credit Reporting Act 2017 as sourced from PLAC.

You can read the Review Of Credit Reporting Act, 2017: Through Data Protection Prism By Ridwan Oloyede