A Critical Evaluation Of The Credit Reporting Act 2017 – Practical Issues Arising

Abstract

The Credit Reporting Act ("the Act") was enacted on the 30th day of May 2017 with the primary objectives of promoting access to credit information and enhancing risk management in credit transactions. To achieve these, the Act provides for the licensing and regulation of Credit Bureaux on one hand, and stipulates the various processes to facilitate the creation, maintenance and sharing of credit information amongst key players on the other hand.

This article examines the role of the said key players in achieving the objectives of the Act and evaluates the legal and practical issues arising therefrom.

Introduction

Prior to the passing into law of the Act, the activities of the Credit Bureaux were regulated by the Guidelines for the Licensing, Operations and Regulation of Credit Bureaux and Credit Bureaux Related Transactions in Nigeria 2013 (''the Guidelines''). However, with the enactment of the Act, a statutory framework for the licensing and