Where can credit information companies collect credit information in Vietnam?
Where can credit information companies collect credit information in Vietnam? Is the credit information company allowed to collect information about relevant individuals of debtors. In case the relevant individuals of debtors do not want their information to be collected, can they request not to collect?
1. Where can credit information companies collect credit information in Vietnam?
Pursuant to Article 18 of Decree 58/2021/ND-CP stipulating collection of credit information as follows:
1. Credit information companies shall collect credit information from:
a) Participating organizations according to commitment and agreements on providing credit information;
b) Other credit information companies agree with the credit information companies;
c) Regulatory authorities as per the law;
d) Other legal sources of information as per the law.
2. Collected credit information includes:
a) Identification information of debtors and relevant individuals of debtors as per the applicable laws;
b) Information on history of credit extension, property rental, installment purchase, pawning;
c) Information on debt repayment, due and undue debt, payment deadline, credit limit, debt group, debt sale, off-balance commitment, and ranking scores of debtors;
d) Information on security for fulfillment of debt repayment obligations of debtors;
dd) Other relevant information guaranteeing no violations to legal rights of debtors, excluding information on debtors classified as government secret.
3. Credit information under Clause 2 of this Article does not include information on using risk backup to deal with risks for extended credit of credit institutions and branches of foreign banks.
Credit information companies shall collect credit information in Vietnam from: Participating organizations according to commitment and agreements on providing credit information; Other credit information companies agree with the credit information companies; Regulatory authorities as per the law; Other legal sources of information as per the law.
In the above case, the credit information company may collect identification information of relevant individuals of debtors in accordance with current law. In case the relevant individuals of debtors do not want their information to be collected, they can request not to collect their personal information in accordance with the Civil law and other relevant laws in Vietnam.
2. What are regulations on processing credit information in operation of credit information companies in Vietnam?
Pursuant to Article 19 of Decree 58/2021/ND-CP stipulating the processing of credit information as follows:
1. On the basis of collected and stored credit information, credit information companies shall analyze, assess, and consolidate information to create credit information products.
2. Examination, classification, and update of credit information must not alter nature and contents of credit information.
3. Negative information on debtors shall only be used to create credit information products for at most 5 years from the date on which the negative information is concluded unless otherwise specified by the law.
Best Regards!
