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Official Gazette

Sunday, February 26, 2017

New conditions on credit information providers

Updated: 10:14’ - 15/07/2016
As prescribed in Government Decree No. 57/2016/ND-CP dated July 1, credit information providers must satisfy new and more specific conditions to be granted a certificate of eligibility for providing credit information.
Decree 57 requires a credit information provider to have at least 20 commercial banks that pledge to provide credit information to it exclusively__Photo: Internet

Accordingly, every credit information provider must have a charter capital of at least VND 30 billion.

Regarding information technology infrastructure system, a credit information provider must have at least two data transmission lines operated by two different service providers to ensure the uninterrupted transmission of digital information.

It must also have information technology facilities compatible with technological equipment of credit providers and able to connect with the systems of credit providers; a server system, computing software system and technical solutions to update, process and store credit information and provide credit information to at least five million borrowers; a plan to ensure information security and safety; and a backup plan to respond to incidents and ensure that professional activities will never be interrupted for over four working hours.

In addition, the Decree requires a credit information provider to have a feasible business plan and at least 20 commercial banks that pledge to provide credit information to it exclusively.

The Decree takes effect on July 1, and replaces Decree No. 10/2010/ND-CP of February 12, 2010.- (VLLF)
 

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