Credit Reference Act, 2011
An Act providing for credit reference services and the sharing of credit information in Sierra Leone.
Summary
The Credit Reference Act, 2011 provides the legal basis for credit reporting in Sierra Leone — the collection, holding and sharing of information about borrowers' credit histories to support responsible lending and widen access to credit.
The Act provides for the establishment, licensing and regulation of credit reference bureaux, the submission of credit information by lenders, and the compilation of credit reports. It sets rules to protect the accuracy, confidentiality and permitted use of credit data and gives data subjects rights in relation to information held about them.
Together with the Borrowers and Lenders Act, it forms part of financial-sector reforms to strengthen the credit market.
Main provisions
- Provides for the establishment, licensing and regulation of credit reference bureaux.
- Provides for the submission of credit information by lenders.
- Provides for the compilation and sharing of credit reports.
- Protects the accuracy, confidentiality and permitted use of credit data.
- Gives data subjects rights over information held about them.