ADVOKS GLOBAL · KENYA
The Banking (Credit Reference Bureau) Regulations
24. Other sources of information
Edition: 2022-12-31 · In force
24. Other sources of information
(1)A bureau may, with the approval of the Central Bank, collect, receive, collate, compile and disseminate information relating to a customer which is obtained from a third party or is ordinarily available to the public, including information from public entities including —(a)the Business Registration Service established under the Business Registration Service Act (Cap. 499B);(b)registrar of business entities;(c)business and trade licensing authorities;(d)Land Registrars appointed under section 12 of the Land Registration Act (Cap. 300);(e)the Kenya Revenue Authority established under the Kenya Revenue Authority Act (Cap. 469);(f)county governments and county government entities;(g)court registries in respect of information on judgments on debts, insolvency or bankruptcy proceedings or winding up orders;(h)registration officers appointed under the Registration of Persons Act (Cap. 107);(i)other relevant public bodies.(2)An application for the approval of a third-party credit information provider shall be accompanied by the application fees specified in the Fourth Schedule and a suitability assessment report detailing the information set out in paragraph (4).(3)A Government ministry, department or agency, public entity and other credit information provider may enter into contracts with bureaus for the provision of information and such contract shall specify—(a)the conditions for the provision of information;(b)the obligation to furnish accurate and updated information;(c)the obligation to promptly correct any information submitted to the bureau which is inaccurate, false, misleading or erroneous in any form, or has been overtaken by events;(d)details on data to be provided; and(e)the manner and form through which the information shall be submitted to the bureaus.(4)A bureau shall, before engaging a third-party credit information provider, carry out due diligence and suitability assessment of the third-party credit information provider and establish —(a)the nature and character of the third-party credit provider's ownership and management;(b)the nature of the third-party credit provider's business and whether it is subject to any legal or regulatory framework;(c)the soundness of the third-party credit provider's information management system in relation to generation, storage and transmission of customer information;(d)the accuracy and integrity of the third-party credit provider's records;(e)the credibility of credit information of every person the third-party credit provider deals with;(f)whether the third-party credit provider's customers have expressly consented to the sharing of the customers' credit information;(g)whether the third-party credit provider's customers are fully aware of the terms and conditions of customers' relationships with the third-party credit information provider with respect to credit information sharing; and(h)any other matter as the Central Bank may specify.(5)A bureau shall not contract a third-party credit information provider whose customer's financial or credit information is occasionally based on estimates or is subject to assessment before ascertaining the completeness of the information.(6)A third-party credit information provider shall not furnish any credit information of a customer to a bureau or its agent except with the prior written consent of the customer.(7)The Central Bank may, if it considers it necessary, prohibit a bureau from receiving credit information or disseminating credit information to or from any third-party credit information provider or a public entity.(8)A third-party credit information provider shall be subject to such industry code of conduct as the Central Bank may approve.