All credit history with the Data Bureau of Fiji will now be erased after the Fair Reporting of Credit Bill was passed by parliament.
Attorney General Aiyaz Sayed-Khaiyum told parliament the bill would give people a fresh start and that the Data Bureau needs to be regulated just like banks in Fiji.
The new law requires credit reporting agencies to obtain a licence from the Reserve Bank of Fiji.
Credit reporting agencies will also be required to submit to the Reserve Bank an annual compliance report in addition to its audited financial statements.
Data which is currently with the Data Bureau will also need to be verified by the Reserve Bank.
The Opposition insisted that the bill be scrutinized by a Parliamentary Standing committee but the Attorney General said no one in Fiji would object to the bill.
29 parliamentarians voted for the bill while 16 voted against it.
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