Legal basis

• Law on State Bank No. 46/2010/QH12;
• Decree No. 58/2021/ND-CP stipulating the provision of credit information services.

Content

Credit information service provision activities are credit information companies providing credit information products to users on the basis of activities of collecting, processing and storing credit information. of the credit information company in accordance with the law. In which, credit information is relevant data, data and data of borrowers at participating organizations of credit information companies.

Participating organization of a credit information company (hereinafter referred to as a participating organization) is an organization that voluntarily commits to providing credit information to a credit information company, including: a credit institution , foreign bank branches; organizations that are not credit institutions, foreign bank branches providing services of property leasing, purchase of goods with deferred payment, installment payment, and pawning with conditions on interest rate, term, rent, and measures. ensure obligations as prescribed by law (hereinafter referred to as other participating organizations).

Credit information company is an enterprise established and operating under the provisions of the Enterprise Law to provide credit information services in accordance with the law. The company name must include the phrase “credit information. Credit information is the basis for developing a rating system for value-added products, enabling banks to automate the credit rating process. On the other hand, for organizations and individuals, data related to loan payment is collated on credit records and used by banks or financial companies as part of their financial statements. of the new loan appraisal process. Therefore, organizations and individuals need to regularly check to know the information about this content. In the whole credit information market of Vietnam, there are only 2 organizations providing credit information, including the Credit Information Center of the State Bank (CIC) and Vietnam Credit Information Joint Stock Company. (PCB).

However, in order to contribute to more transparency of credit information in the economy, promote credit activities, debt trading, M&A, restructuring of entities to become more transparent and effective today, the The appearance of many companies providing credit information is an inevitable need.

Conditions for issuance of Certificate of credit information service provision

The credit information company shall make a dossier to request the State Bank to issue a Certificate when fully meeting the following conditions:

1. Having information infrastructure that satisfies the following minimum requirements:

a) Having at least 2 data transmission lines, each transmission line belongs to a separate service provider; and

b) Having information infrastructure that is capable of integrating and connecting to information systems of participating organizations; and

c) Having server systems located in Vietnam, computer software systems, and technical solutions that are capable of providing credit information for at least 5,000,000 debtors; and

d) Having information safety assurance solutions; and

dd) Having disaster aversion measures to guarantee uninterrupted provision of credit information service for more than 4 working hours.

2. Having charter capital of at least VND 30 billion.

3. Having enterprise managers and members of Boards of Supervisors that satisfy the following requirements:

a) Enterprise managers and members of Boards of Supervisors have not been sentenced for any serious crime or worse, sentenced for possession charges without having their criminal records expunged; enterprise managers and members of Boards of Supervisors of credit information companies having certificate revoked (except for cases of revocation under Point d, Point dd, or Point e Clause 1 Article 14 hereof);

b) Chairpersons of Board of Directors, Chairpersons of Board of Members, and Chairpersons of companies having at least university graduate degrees and at least 3 years of working in financial, banking, accounting, auditing, or information technology sector;

c) Members of Board of Directors, members of Board of Members, and general partners having at least university graduate degrees with 50 of the individuals having at least 3 years of working in financial, banking, accounting, auditing, or information technology sector;

d) General Directors, Deputy General Directors having at least university graduate degrees and at least 2 years of holding enterprise managerial positions and operating in financial, banking, accounting, auditing, or information technology sector;

dd) Members of Boards of Supervisors having at least university graduate degrees and at least 2 years of working in financial, banking, accounting, auditing, or information technology sector.

4. Having business measurers and not conducting other businesses other than provision of credit information service.

5. Having at least 15 participating organizations that are credit institutions, and branches of foreign banks (other than policy banks, cooperative banks, people’s credit funds, and microfinance institutions). Participating organizations are under no commitment to provide credit information for other credit information companies.

6. Having written agreement on provision of credit information and credit information products between credit information companies and participating organizations which include at least the following information:

a) Contents and scope of provided credit information;

b) Time, location, means of provision and transmission of information, data, and credit information products;

c) Principles, scope, and purposes of credit information products;

d) Obligations to notify and agree with debtors on using credit information of debtors;

dd) Responsibilities of parties in revising and amending errors in updating, transmitting, processing, storing, extracting and using credit information;

e) Responsibilities of parties in reviewing, comparing, conducting quality control and storing credit information;

g) Responsibilities and cooperation of parties when revising errors of credit information of debtors;

h) Penalties for violations, settlement of disputes;

i) Effectiveness of agreements and unilateral termination of agreement implementation;

k) Other rights and obligations of parties in collecting, processing, storing and providing credit information.

Above is our consultancy about this issue. If you need more detailed advice and answers as well as how to access this service, please contact directly the Deputy Director of Sales: Lawyer Nguyen Duc Trong via hotline: 0912.35.65.75, 0912.35.53.53 or call the free legal consultation hotline 1900.6575 or send a service request via email: info@hongbanglawfirm.com hoặc lienheluathongbang@gmail.com

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