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Credit Reporting Act, 2017

The Credit Reporting Act, 2017 establishes the legal and regulatory framework for credit information sharing in the Federal Republic of Nigeria. The Act aims to promote a robust and transparent credit reporting system that facilitates access to credit, enhances financial inclusion, and supports sound risk management practices among lenders and financial institutions.

Key provisions of the Act include the licensing and supervision of credit bureaux, the rights and obligations of data subjects and data providers, data accuracy and privacy standards, and mechanisms for dispute resolution. The Act further mandates the Central Bank of Nigeria (CBN) as the primary regulator responsible for overseeing compliance and enforcement.

This legislation is critical for financial institutions, credit bureaux, legal practitioners, regulators, borrowers, and all stakeholders involved in credit risk assessment, consumer protection, and financial market development.