LEGAL UPDATE RELATING TO FINANCE AND CREDIT (MONTHLY LEGAL UPDATE – 07/2021)
v Name of legal document: Decree No. 58/2021/ND-CP dated June 10, 2021 of the Government on provision of credit information service (referred to as the “Decree No. 58/2021/ND-CP”).
v Effective date: 15/08/2021.
Some content should be noted:
·
Firstly, stipulating on operating principles of provision of credit information.
Specifically, Article 4 of
Decree No. 58/2021/ND-CP stipulates: “Article 4. Operating principles of
provision of credit information
1. Credit information companies shall provide credit information
only after receiving certificate issued by the SBV.
2. 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.
3. Agreements and commitments in provision of credit information
specified under this Decree must be made into records or other equally
legitimate forms as written documents as per the law.
4. 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 hereto.
5. Principles of providing credit information products:
a) Credit information companies shall provide credit information
products according to Article 21 hereof;
b) 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 hereto, except for cases where the organizations receive consent of
the debtors according to Clause 4 of this Article;
c) 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 hereof.”
·
Secondly, stipulating on restrictions in provision of credit information service.
Specifically, Article 6 of
Decree No. 58/2021/ND-CP stipulates: “Article 6. Restrictions in provision
of credit information service
1. Do not illegally collect, provide information classified as
Government secret.
2. Do not intentionally deviate credit information thereby
affecting legal rights and benefits of relevant organizations and individuals.
3. Do not exchange credit information, or provide credit
information for the wrong individuals, for the wrong purposes or illegally.
4. Do not exploit provision of credit information for personal gain, violating benefits of the Government, or legal rights and benefits of organizations and individuals.
5. Do not obstruct legal collection and use of credit information of organizations and individuals.”
