Section 3: Functions of Credit Bureaux.

(1) A credit bureaux shall perform the following functions:
(a) creating and maintaining a database of credit and credit-related
information in accordance with the provisions of this Act;
(b) receiving, collating and compiling credit and credit-related information
from Credit Information Providers; Credit Information Users; and such
other persons as the Bank may prescribe;
(c) issuing Credit Reports, and providing other services that relate to Permissible Purposes;
(d) investigating, at the request of a Credit Information User, an application
for credit on behalf of any person to whom an application for a credit based
transaction has been made;
(e) carrying out such other functions and services that are compatible
with the nature of the foregoing activities, provided that the confidentiality
of any information which they obtain in the course of carrying out such
functions or rendering such services shall be maintained in the manner
prescribed under this Act; and
(f) carrying out such other functions and activities as the Bank may by
regulations prescribe.
(2) No credit bureau shall engage in any form of business other th·~n
those referred to in subsection (1 ).
(3) In performing its functions, a credit bureau:
(a) shall not offer an opinion on the creditworthiness or otherwise of a
Data Subject when issuing Credit Reports;
(b) shall implement procedures and systems that ensure that the Credit
Information on its database is updated on an on-going basis, and update its
database as often as necessary in accordance with the nature of the
information stored, or whenever information is provided by a credit
information provider;
(c) shall, where the information reported or submitted to it appears to be
inaccurate, incomplete, misleading, or contains any manifest error, take
reasonable steps to verify the accuracy of such credit information;
(d) shall not include information relating to race, ethnicity, colour, religion
or political affiliation either in its data format or in the Credit Reports or any
other report or feedback that it provides to credit information users;
(e) shall not release or provide credit information to any credit information
user with which it does not have a data exchange agreement, unless the
written or other authenticated consent of the relevant Data Subject has
been obtained and shown to the Credit Bureau (such consent to be in a
form and substance satisfactory to the Credit Bureau) ; and
(f) may charge such fees, as the Bank may approve, for providing
Credit Information.