The Central Bank of Solomon Islands (CBSI) wishes to inform the public that a Credit Reporting System (CRS) is being established in Solomon Islands through the Credit & Data Bureau Solomon Islands (CDBSI) in accordance with the Credit Reporting Regulations.
Purpose of the Credit Reporting System.
The Credit Reporting System is an important national financial infrastructure that helps:
- Improve access to credit and other financial services;
- Support faster and more informed lending decisions;
- Encourage responsible borrowing and repayment behaviour;
- Enable customers with good repayment records to build a positive credit history;
- Reduce lending risks and strengthen confidence in the financial system; and
- Promote financial inclusion and economic development in Solomon Islands.
By sharing accurate credit information, financial institutions can better assess credit applications and provide services that are tailored to customers' financial circumstances.
Upload of Existing Customer Information.
As part of the implementation of the Credit Reporting System, participating financial institutions and authorized credit information providers will upload existing customer credit information to the Credit & Data Bureau Solomon Islands for the purpose of establishing the initial credit reporting database.
The information uploaded may include credit-related information already held by these institutions, including:
- loan account details,
- repayment history, and
- other information permitted under the Credit Reporting Regulations.
Consumer Consent Not Required for the Initial Upload.
CBSI advises the public that, pursuant to Regulation 11(5) of the Credit Reporting Regulations, consumer consent is not required for the initial submission of existing customer credit information for the sole purpose of establishing the initial Credit Reporting System database.
Regulation 11(5) requires that consumers be notified that their information is being uploaded to the Credit Reporting System. This public notice is provided to ensure that customers are informed of this process.
Consumer Consent Required for Future Information Sharing.
Customers should note that while consent is not required for the initial upload of existing information, consumer consent will be required for any subsequent submission of additional credit information after the initial upload, as required under the Credit Reporting Regulations.
Accordingly, the Bank will obtain the necessary customer consent before providing any additional credit information to the Credit & Data Bureau Solomon Islands after the establishment of the initial database.
Protection of Credit Information.
CBSI remains committed to protecting the confidentiality and security of consumer credit information. All credit information must be collected, used, shared, and stored in accordance with the Credit Reporting Regulations and other applicable legal requirements.
For further information regarding this notice or the Credit Reporting System, please contact your bank, credit institution, or other participating credit information provider. They will be able to assist with enquiries relating to your credit information and participation in the Credit Reporting System.
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About the Central Bank of Solomon Islands:
The Central Bank of Solomon Islands (CBSI) is the nation’s premier financial institution, responsible for formulating and implementing monetary policy. CBSI oversees and regulates the country’s banking and financial system, ensuring economic stability and growth.
MEDIA CONTACT
Corporate Communications Unit
Central Bank of Solomon Islands
Tel: (677) 21791 | Email: media@cbsi.com.sb | info@cbsi.com.sb
www.cbsi.com.sb