Passing of Fair Reporting of Credit Bill a win for all consumers - Consumer Council

The Consumer Council of Fiji has termed the passing of the Fair Reporting of Credit Bill as a win for all consumers who had been bullied by the Data Bureau.

CEO Premila Kumar said consumers can now start afresh and access loans or buy goods on credit without being subjected to embarrassment and inconvenience.

She said since 2008 they have received 47 complaints against the Data Bureau and it reflected the invasion of privacy, inaccurate information and even the listing of names for 7 long years despite clearing the loan.

All credit history with the Data Bureau of Fiji will now be erased after the Fair Reporting of Credit Bill was passed by parliament.

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.

Attorney General Aiyaz Sayed‑Khaiyum said there were a number of complaints about the Data Bureau for a couple of years and now it has been given a lot of significance in the wake of Cyclone Winston.

He said the business of credit reporting was carried out in Fiji without any legal framework.

Sayed-Khaiyum said the operation of the business of credit reporting without any legislation or regulatory mechanism has led to many wrong doings and malpractices.

The Reserve Bank of Fiji will now have the overall supervisory and regulatory authority to register, license and regulate credit reporting agencies, credit information providers and credit report recipients.

The Reserve Bank must consult the Minister for Finance on matters relating to fair credit reporting.