Moneylenders Act 2008 · 2020 Revised Edition · Part 3A · Collection, Use and Disclosure of Borrower Information and Data
78. Correction of data, etc., on request
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A person may request the designated credit bureau to correct an error or omission in any data —
designated credit bureau
“designated credit bureau” means the person that is for the time being designated under section 56(1) as the designated credit bureau;
relating to that person or any loan applied for by that person; and
that is in the possession or under the control of the designated credit bureau.
Upon receiving a request under subsection (1), the designated credit bureau must, within such period after receiving the request as the Registrar may specify by written notice —
Registrar
“Registrar” means the Registrar of Moneylenders appointed under section 4 and includes a Deputy Registrar of Moneylenders and an Assistant Registrar of Moneylenders appointed under that section;
correct the error or omission in the data in question if the designated credit bureau is satisfied, on reasonable grounds and without an investigation, that the correction should be made; or
conduct and complete an investigation to ascertain the integrity and source of the data in question.
Upon completing the investigation mentioned in subsection (2)(b), unless the designated credit bureau is satisfied on reasonable grounds that a correction should not be made, the designated credit bureau must comply with the following:
in a case where it is ascertained from the investigation that the error or omission in the data in question —
occurred or arose out of or in the course of the processing of the data in question by the designated credit bureau; or
occurred or arose as a result of any malfunction in the information technology system used by the designated credit bureau,the designated credit bureau must immediately correct the error or omission;
in any other case, the designated credit bureau must —
identify the licensee who submitted the borrower information in question to the designated credit bureau; and
immediately contact the licensee to request that the licensee conduct an investigation to ascertain the integrity of the borrower information of the licensee.
If the licensee mentioned in subsection (3)(b) cannot be contacted by the designated credit bureau by any of the prescribed means and within the prescribed time, the designated credit bureau must immediately notify the Registrar of this fact.
Upon being notified by the designated credit bureau under subsection (4), the Registrar may investigate into the request made under subsection (1), and may direct the designated credit bureau to correct the error or omission in question if the Registrar is satisfied, from any document submitted by the person making the request, that the error or omission ought to be corrected despite the absence of any investigation by the licensee.
Upon receiving any corrected borrower information from a licensee under section 71(2)(c) or (3)(c), the designated credit bureau must immediately correct the error or omission in question in the data in the possession or under the control of the designated credit bureau by relying on the corrected borrower information.
borrower information
“borrower information”, in relation to a licensee, means —(a)any information relating to a person or a loan applied for or granted to that person, that is in the possession or under the control of the licensee;(b)any information relating to a person or a loan, that is obtained by the licensee under section 66;(c)the prescribed information mentioned in section 68(1)(a) relating to the repayment of a loan granted by the licensee, or any instalment of such repayment; or(d)the prescribed information mentioned in section 68(1)(b) relating to any writing off of any debt arising from a loan granted by the licensee,but excludes any information that is not referable to any named person or named group of persons;
Unless otherwise directed by the Registrar by written notice, the designated credit bureau must keep or cause to be kept for a period of 5 years after the date of every request under subsection (1) or the date of receipt of any corrected borrower information sent by a licensee under section 71(2)(c) or (3)(c), the following information:
the name of the person who made the request or the licensee who sent the corrected borrower information;
the name of the person to whom the data in question relates;
the date of the request or the receipt of corrected borrower information;
the data in question;
whether the data in question was corrected;
any other information that may be prescribed.
If the designated credit bureau without reasonable excuse contravenes subsection (2), (3), (4), (6) or (7), or fails to comply with a direction of the Registrar under subsection (5), the designated credit bureau shall be guilty of an offence and shall be liable on conviction —
to a fine not exceeding $250,000; and
in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.
This section has effect despite anything in section 22 of the Personal Data Protection Act 2012.[30Z
data
“data” means —(a)borrower information of a licensee;(b)any information in a credit report;(c)any information in a loan information report; or(d)any information relating to a person or a loan, that is processed by the designated credit bureau in the course of preparing, providing or maintaining a credit report or loan information report;