Section 1: objectives of the Act

The objectives of this Act are to-(a) facilitate and promote access to credit and enhance risk management in credit transactions;
(b) promote access to accurate, fair and reliable credit information and to protect the privacy of such information ;
(c) set standards and conditions for the establishment, regulation and
operations ofcredit bureau ;
(d) promote fair and competitive credit reporting system ;
(e) prornote responsibility in the credit rnarket by encouraging responsible
borrowing, avoidance of over-indebtedness and fulfillment of financial
obligations by consumers and discouraging reckless credit granting by credit
providers and contractual default by consumers ; and
(f) facilitate credit information sharing.