Cases of rectification of errors to credit information of debtors in Vietnam

Cases of rectification of errors to credit information of debtors in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Who are debtors?

According to Clause 4, Article 3 of Decree 58/2021/ND-CP, debtors refer to organizations and individuals receiving extended credit by credit institutions or branches of foreign banks or receive property rental service, purchase installment service, pawn service under conditions of interest, duration, rental, obligation fulfillment security from other participating organizations as per the law.

2. Cases of rectification of errors to credit information of debtors in Vietnam

Specifically, in Clauses 1 and 2, Article 22 of Decree 58/2021/ND-CP, cases of incorrect adjustment of credit information of borrowers are as follows:

(1) Credit information companies shall rectify errors in following cases:

- Credit information companies detect faulty credit information and rectify error according to internal regulations of the credit information companies;

- Participating organizations detect faulty credit information, request credit information companies in writing to rectify, and attach relevant documents. Credit information companies must send notice on results of error rectification in person, via post service, or other electronic methods to participating organizations within 5 working days from the date on which written request for error rectification of participating organizations is received;

- Debtors detect faulty credit information, request credit information companies or participating organizations in writing to rectify, and attach relevant documents. Credit information companies or participating organizations must inform debtors in writing about rectification process and results in person, via post service, or other electronic forms within 5 working days from the date on which rectification concludes according to Clause 2 of this Article.

(2) Credit information companies shall rectify errors at request of debtors as follows:

- In case of errors caused by information processing activities of credit information companies, credit information companies shall rectify errors within 5 working days from the date on which written request for error rectification of debtors is received;

- In case of errors caused by collection process in participating organizations, credit information companies shall inform debtors about the process (including sources of errors) within 5 working days and cooperate with participating organizations in rectifying errors within 10 working days from the date on which written request for error rectification of debtors is received.

3. Operating principles of provision of credit information in Vietnam

Operating principles of provision of credit informationspecified in Article 4 of Decree 58/2021/ND-CP, specifically as follows:

- Credit information companies shall provide credit information only after receiving certificate issued by the SBV.

- Provision of credit information must comply with regulations and law, ensure truthfulness, objectivity, and not affect legal rights and benefits of relevant organizations and individuals.

- Agreements and commitments in provision of credit information specified under Decree 58/2021/ND-CP must be made into records or other equally legitimate forms as written documents as per the law.

- Credit information companies shall only collect credit information of debtors from participating organizations when the debtors allow the participating organizations to provide their credit information according to Annex I attached to Decree 58/2021/ND-CP.

- Principles of providing credit information products:

+ Credit information companies shall provide credit information products according to Article 21 of Decree 58/2021/ND-CP;

+ Credit information companies shall only provide credit information products which contain identification information of debtors to other participating organizations under consent of the debtors under Annex II attached to Decree 58/2021/ND-CP, except for cases where the organizations receive consent of the debtors according to Clause 4 of Article 4 of Decree 58/2021/ND-CP;

+ Credit information companies shall not provide credit information products which contain identification information of debtors to other organizations and individuals under Point dd Clause 1 Article 21 of Decree 58/2021/ND-CP.

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