Akta Agensi Pelaporan Kredit 2010 (Akta 710) & Credit Reporting Agencies Act (HINGGA 15HB MAC 2011)

 

[Hingga 15hb MAC 2011]

 

This is a dwilingal book containing both Bahasa Malaysia and English.

Credit Reporting Agencies Act 2010, also known as Akta Agensi Pelaporan Kredit 2010, is a Malaysian law that was passed in 2010 and went into effect on April 15, 2011. In order to safeguard consumer interests and advance a reliable and effective financial system, the Act's goal is to regulate credit reporting firms and their operations in Malaysia.

Any person who engages in the business of gathering, compiling, maintaining, or providing credit information to be used for credit rating purposes is referred to as a credit reporting agency under the Act. According to the Act, all credit reporting companies must register with the Registrar of Credit Reporting Agencies and adhere to a variety of rules, such as:

1. Fair and Accurate Reporting: Credit reporting companies are required to make sure that the credit data they gather and disclose is honest, truthful, and not deceptive. They are required to take reasonable measures to ensure the accuracy of the data they report and to promptly fix any errors or inaccuracies.

2. Information Security: Credit reporting companies must put in place sufficient safeguards to ensure the privacy and security of the credit information they store. They must also make sure that the data is not shared to unauthorised parties and is only utilised for proper purposes.

3. Consent and Disclosure: Before gathering and distributing a person's credit information, credit reporting organisations must get that person's consent. Additionally, they must be explicit and succinct about the objectives driving the data collection as well as the recipients of any disclosures.

4. Access and Correction: People have the right to see and amend the credit information that credit reporting companies have on them. A copy of a person's credit report must be given upon request, and any errors must be promptly fixed by credit reporting companies.

5. Settlement of Disputes: In order to manage complaints and disputes over the accuracy of credit information, credit reporting organisations must have a procedure in place for resolving them.

The Akta Agensi Pelaporan Kredit 2010 is a crucial piece of law that supports a strong and effective financial system in Malaysia while safeguarding the rights of consumers. The Act assures that credit information is published fairly and accurately, and that people have the right to view and update their credit information by regulating the actions of credit reporting companies.