The Code lists its objectives and also enumerates 12 credit reporting principles
The Code lists its objectives and also enumerates 12 credit reporting principles

The Credit Information Sharing Association  of Kenya (CIS Kenya) on Thursday, September 2 launched the CIS Industry Code of Conduct  at the Hilton Hotel, Nairobi Kenya.

The Code of Conduct (CoC hereafter) has recently been approved by the Central  Bank of Kenya in accordance with the new CRB Regulations 2020 in order to  empower CIS Kenya to implement minimum standards on credit information  sharing.

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The CIS industry CoC will govern non-regulated credit providers to ensure  robustness of the mechanism and address some of the challenges that have been  identified including: 

  • Unnecessary data disparities in the CRBs
  • Failure to submit consumers’ positive data
  • Failure to update data regularly
  • Slow response to customer queries and customer disputes Delays in correcting erroneous customer data
  • Lack of physical offices or operational telephone contacts.

CIS Kenya is the apex body that bears the mandate to develop and expand the CIS  framework in Kenya. Its mission is ‘’to facilitate the generation and use of accurate  credit information for the benefit of all participants in the credit market’’. 

The Code of Conduct has 3 key objectives: 

  • Data quality
  • Consumer protection
  • Customer-centricity

The Code has enumerated the following 12 credit reporting principles: 

Lawfulness – customer information must be shared in accordance with  applicable laws and regulations and international best practice

Minimality –credit information must be adequate, timely, relevant, and not  excessive in relation to intended purposes  

Consent and purpose specification –Members should obtain clear and  specific consent from their customers to share their credit information,  preferably in writing 

Data retention periods – Credit information shall be retained by the  bureaus for the minimum period stipulated in Regulation  

Information quality – Consumer credit information must be accurate,  complete and up-to-date. CRBs and Members are both responsible for the  quality of consumer credit information.  

Notification to consumers – Members must issue customers with specific  pre-listing, post-listing and adverse action notices as well as any other  notice stipulated in the CRB Regulations 

Full file sharing – Members undertake to share full file information daily  with all licensed CRBs and update credit information as soon as any change  occurs and to correct any errors as soon as they are noticed 

Security and confidentiality – Information must be protected against  accidental, unlawful destruction, unlawful intrusion, loss and wrongful  alteration, unauthorized disclosure and access  

Access to credit information – Members will provide consumers with credit  reports under all circumstances stipulated under the Regulations Data standardization – Members undertake to share data using the most  current DST and through the industry Data Validation Tool in line with the  CRB Regulations 

Customer complaints and dispute resolution- Members undertake to  maintain functional and efficient dispute resolution processes and to  educate customers on their rights including the right to refer unresolved  disputes to Tatua Center, an Alternative Dispute Resolution Center  established by CIS Kenya.  

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