Nigeria's Credit Reporting Act 2017 gives individuals the right to access their credit report, dispute inaccurate entries, and limit third-party sharing of credit data. Credit bureaus must correct errors within 21 days of a valid dispute.
The Credit Reporting Act 2017 (No. 17 of 2017) regulates credit bureaus and the collection, storage, and use of credit information in Nigeria. It is administered by the Central Bank of Nigeria (CBN). Key rights of data subjects (s. 15): **Right to access**: A data subject (individual or business) whose credit information is held by a credit bureau may request access to their full credit report. **Right to dispute**: A data subject may dispute inaccurate, incomplete, or outdated credit information. The credit bureau must investigate and respond within 21 days. If the information is confirmed inaccurate, it must be corrected. **Right to limit sharing**: A data subject may restrict the sharing of their credit information to third parties beyond the purposes permitted by the Act. **Prohibited uses**: Credit information may only be used for legitimate financial assessment purposes. Using it for harassment, extortion, or shaming is unlawful. Credit bureaus operating in Nigeria must be licensed by the CBN. Disputes that credit bureaus fail to resolve can be escalated to the CBN's Consumer Protection Department.
A bank declines a loan citing a poor credit score. The applicant requests his credit report from the bureau and finds a loan he never took listed as a default. Under section 15 of the Credit Reporting Act, he disputes the entry. The bureau must investigate and correct it within 21 days.
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