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← Credit Reporting Agencies Act 2010

Credit Reporting Agencies Act 2010 s 29

s 29 Accuracy of credit information

(1) A credit reporting agency shall not use or further process any credit information without taking such steps as are in the circumstances reasonable to ensure that the credit information is accurate, up-to-date, complete, relevant and not misleading. (2) A credit reporting agency shall, when undertaking a comparison of credit information within its control with any other credit information for the purpose of producing or verifying information about an identifiable customer, take such measures as are reasonably practicable to avoid the incorrect matching of the credit information. (3) Without limiting the generality of subsection (1), a credit reporting agency shallβ€” (a) establish and maintain controls to ensure that, as far as is reasonably practicable, only credit information that is accurate, up-to-date, complete, relevant and not misleading is used or further processed; (b) monitor credit information to ensure that it is accurate, up-to-date, complete, relevant and not misleading; and (c) conduct regular checks on compliance with the controls. (4) A credit reporting agency which contravenes this section commits an offence and shall, upon conviction, be liable to a fine not exceeding five hundred thousand ringgit or to imprisonment for a term not exceeding two years or to both.

Malay text (authoritative)

Ketepatan maklumat kredit

(1) Sesuatu agensi pelaporan kredit tidak boleh menggunakan atau memproses selanjutnya apa-apa maklumat kredit tanpa mengambil apa-apa langkah yang munasabah dalam hal keadaan itu untuk memastikan bahawa maklumat kredit itu adalah tepat, terkini, lengkap, berkaitan dan tidak mengelirukan. (2) Sesuatu agensi pelaporan kredit hendaklah, apabila mengusahakan suatu perbandingan maklumat kredit dalam kawalannya dengan apa-apa maklumat kredit lain bagi maksud menghasilkan atau menentusahkan maklumat mengenai seorang pelanggan yang boleh dikenal pasti, mengambil apa-apa langkah yang dapat dilaksanakan dengan munasabah untuk mengelakkan pemadanan maklumat kredit yang salah. (3) Tanpa mengehadkan keluasan subseksyen (1), sesuatu agensi pelaporan kredit hendaklahβ€” (a) mewujudkan dan menyenggarakan kawalan untuk memastikan bahawa, setakat yang dapat dilaksanakan dengan munasabah, hanya maklumat kredit yang tepat, terkini, lengkap, berkaitan dan tidak mengelirukan digunakan atau diproses selanjutnya; (b) memantau maklumat kredit untuk memastikan bahawa maklumat kredit itu adalah tepat, terkini, lengkap, berkaitan dan tidak mengelirukan; dan (c) menjalankan penyemakan secara kerap terhadap pematuhan kawalan itu. (4) Sesuatu agensi pelaporan kredit yang melanggar seksyen ini melakukan suatu kesalahan dan boleh, apabila disabitkan, didenda tidak melebihi lima ratus ribu ringgit atau dipenjarakan selama tempoh tidak melebihi dua tahun atau kedua-duanya.

Read this section in the full act β†’ Β· Open Part V β†’

Find Act 710 on lom.agc.gov.my β†—

Text as at 1 August 2024 (LOM reprint); amendments made after that date may not be incorporated.

Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).

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Credit Reporting Agencies Act 2010, full textChapter navigation and full text, so you can read this section in contextMalaysia legislationMalaysia Acts by type and yearGrouped by instrument type and year of enactment, so you can find others of the same kindBrowse by type and yearPart V β€” Conduct of business of credit reporting agencies β€” read this in contextThe surrounding text of the act in order, so you can see what comes before and afterChapters and sections