The Central Bank of Solomon Islands announced that a national Credit Reporting System is being established through the Credit & Data Bureau Solomon Islands under the Credit Reporting Regulations. Participating financial institutions and authorized credit information providers will upload existing customer credit information to create the initial database, supporting more informed lending decisions, positive credit histories and broader access to financial services. The initial upload may include loan account details, repayment histories and other information permitted by the regulations. Consumer consent is not required for this one-time submission under Regulation 11(5), although consumers must be notified, which the central bank’s public notice is intended to achieve. Consent will be required before providers submit additional credit information after the initial database is established, and all information must be collected, used, shared and stored in accordance with applicable legal requirements.
Central Bank of Solomon Islands establishes credit reporting system with consent-free initial data upload
The Central Bank of Solomon Islands is establishing a national Credit Reporting System through the Credit & Data Bureau Solomon Islands. Existing customer credit information may be uploaded to the initial database without consent, although consumers must be notified. Consent will be required for subsequent submissions of additional credit information.