Amendment of the rights and obligations of credit institutions regarding credit information

09:29, 11/07/2024

Recently, Circular 27/2017/TT-NHNN was issued by the State Bank of Vietnam to amend and supplement Circular No. 03/2013/TT-NHNN regulating the credit information activities of the State Bank of Vietnam.

According to the provisions of Circular 27, in credit information activities, credit institutions and foreign bank branches have the following rights and obligations:

- Provide and take responsibility for the accuracy, completeness, and promptness of credit information.- Develop and establish an information technology system that meets the requirements for data creation and data control provided to CIC; issue internal regulations and manage the credit information index system throughout the system.- Exploit and use credit information services.- Inspect, verify, and adjust incorrect data as requested by CIC, borrowers, or upon discovering errors.- Make full and prompt payment for the exploitation and use of credit information services as agreed in the contract.- Assign officers and employees to participate in credit information training courses organized or co-organized by CIC.

More details can be found in Circular 27/2017/TT-NHNN, effective from July 1, 2018.

- Thanh Lam -

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