Circular No. 15/2023/TT-NHNN on credit information activities of the State Bank of Vietnam

CIRCULAR

Regulations on Credit Information Activities

of the State Bank of Vietnam

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Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated June 16, 2010; the Law Amending and Supplementing Certain Articles of the Law on Credit Institutions dated November 20, 2017;

Pursuant to Decree No. 102/2022/NĐ-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of Banking Inspection and Supervision;

The Governor of the State Bank of Vietnam issues this Circular to regulate the credit information activities of the State Bank of Vietnam.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular regulates the credit information activities of the State Bank of Vietnam (hereinafter referred to as the State Bank) organized and implemented by the National Credit Information Center of Vietnam (hereinafter referred to as CIC).

Article 2. Applicability

1. Departments, Bureaus, units within the organizational structure of the State Bank, branches of the State Bank in provinces and centrally-administered cities, and the Joint Stock Company for Asset Management of Credit Organizations of Vietnam (hereinafter collectively referred to as units under the State Bank).

2. Credit institutions, foreign bank branches (hereinafter collectively referred to as credit institutions).

3. Organizations voluntarily participating in credit information activities (hereinafter collectively referred to as voluntary organizations).

4. Borrowers.

5. Other organizations and individuals related to credit information activities.

Article 3. Explanation of Terms

In this Circular, the following terms are understood as follows:

1. Credit information activities of the State Bank (hereinafter referred to as credit information activities) are activities of collecting, exchanging, processing, storing, securing credit information, creating credit information products, and providing credit information services of the State Bank.

2. Credit information is a collection of data related to credit granted to borrowers at credit institutions and debts managed by voluntary organizations participating in credit information activities.

3Borrower is an organization (excluding credit institutions) or individual receiving credit from credit institutions or having debt obligations at voluntary organizations participating in credit information activities.

4. Related party of a borrower is an organization or individual directly or indirectly related to the borrower of a credit institution as stipulated in the Law on Credit Institutions and regulations of the State Bank regarding limits and ratios ensuring safety in the operations of credit institutions.

5. Credit information product is a credit report, credit scoring report, credit rating report, or other products created by CIC based on collected information as prescribed in Article 8 of this Circular.

6. Credit information service is the provision of credit information products and other benefits by CIC.

7. National credit information database is a collection of credit information and credit information products processed, stored, and utilized on the CIC's information system.

8. Voluntary organization is an organization that has a voluntary agreement with CIC to provide credit information and use credit information services, including:

a) Development funds, support development funds, environmental protection funds, credit guarantee funds, organizations implementing financial microcredit programs;

b) Enterprises engaged in debt purchasing, debt management companies, and asset management;

c) Organizations providing loan services, insurance guarantees, leasing, deferred payment purchases, pawnshops with interest rate, term, rental fee, and security measures as prescribed by law.

9. Negative information about borrowers is credit information about bad debts, breaches of payment obligations, and other unfavorable information affecting the assessment of a borrower's ability to repay (including bankruptcy information, administrative violations, and court judgments against the borrower that have taken legal effect).

10. Foreign credit information organization is an organization established and operating under foreign laws on credit information.

Article 4. Purpose of credit information activities

Credit information activities aim to establish a national credit information database for:

1. The State Bank of Vietnam to perform its state management functions in the monetary and banking sectors.

2. Supporting credit institutions and voluntary organizations in their business operations.

3. Assisting borrowers to access credit capital to meet their living, economic, and social needs as prescribed by law.

4. Enabling other organizations to access credit information as prescribed by law.

Article 5. Principles of credit information activities

1. Compliance with laws on personal data protection and other relevant laws.

2. Ensuring objectivity and not affecting the legitimate rights and interests of related organizations and individuals.

3. Ensuring accuracy, truthfulness, completeness, and timeliness of credit information provided to CIC as stipulated in Articles 8, 9, and 10 of this Circular.

Article 6. Security and confidentiality of credit information

CIC, credit institutions, voluntary organizations, and other organizations providing credit information must:

1. Implement measures to protect credit information against loss, unauthorized access, use, or disclosure.

2. Have solutions to restore data in case of data errors, loss, or damage, and plans to resume operations after such incidents.

3. Ensure security and confidentiality of credit information as prescribed in this Circular and other laws on information security.

Article 7. Prohibited acts in credit information activities

1. Illegally collecting, providing, exchanging, or using information within the scope and list of state secrets.

2. Intentionally distorting the content of credit information, affecting the legitimate rights and interests of related organizations and individuals.

3. Exchanging or providing credit information to incorrect recipients or third parties contrary to the law.

4. Exploiting credit information activities to infringe upon the interests of the State, the rights and legitimate interests of organizations and individuals.

5. Obstructing lawful credit information collection and exploitation activities of organizations and individuals.

Chapter II
CREDIT INFORMATION ACTIVITIES

Article 8. Collection of Information

CIC may collect:

1. Credit information provided by credit institutions and voluntary organizations as prescribed in this Circular.

2. Information from units under the State Bank of Vietnam as prescribed by the State Bank of Vietnam and other relevant laws.

3. Information from state management agencies and other lawful sources as prescribed by law.

Article 9. Credit Information Provided to CIC

1. Credit institutions provide CIC with the entire set of credit information indicators system as decided by the Governor of the State Bank of Vietnam during each period, including the following groups of indicators:

a) Customer identification information;

b) Information about related persons of the borrower (currently receiving credit from the lending institution);

c) Loan and other credit provision activities information (excluding the indicators at points d and đ);

d) Credit card information;

đ) Information on purchasing and entrusting the purchase of corporate bonds (excluding credit institutions);

e) Information on credit guarantee measures;

k) Other information.

2. Information and reports provided by the Department of Safety Systems of Credit Institutions, the State Bank Inspectorate, the Department of Management and Supervision of Credit Institutions, and the State Bank Branch in the Region where the credit cooperative's main office is located (hereinafter referred to as the State Bank Branch in the Region).

i) Annual financial report (based on the tax-submitted financial report or audited financial report) of the borrowing enterprise.

2. Voluntary organizations provide CIC with the entire or part of the credit information indicator system as stipulated in Clause 1 of this Article based on an information exchange contract with CIC.

3. The provision of credit information as stipulated in Clauses 1 and 2 of this Article shall be carried out in the form of electronic data files according to the credit information indicator system. In cases where certain groups or all groups of credit information indicators cannot be provided in electronic data file format, credit institutions and voluntary organizations may provide them in writing upon agreement with CIC.

Article 10. Time limit for providing credit information

The time limit for providing the groups of indicators as stipulated in Clause 1 of Article 9 of this Circular is as follows:

1. Credit institutions provide according to the specific frequency prescribed in the credit information indicator system issued together with the Governor's Decision of the State Bank of Vietnam, except as provided in Clauses 2 and 3 of this Article.

2. The Social Policy Bank provides twice a month regularly.

3. People's Credit Funds, microfinance organizations provide once a month regularly.

Article 11. Processing and retaining credit information

1. CIC shall use technological and technical solutions for business operations to receive, standardize, clean, link, and update credit information for the National Credit Information Database.

2. Credit information shall be retained at CIC for a minimum period of five years from the date of occurrence.

3. The processing and retention of credit information must ensure completeness, accuracy, and non-distortion of information, and be extractable according to CIC's needs.

Article 12. Recipients and scope of provision of credit information

1. Units under the State Bank shall be provided with credit information products to serve the State Bank's management requirements.

2. Other state management agencies shall be provided with credit information in accordance with the provisions of the law.

3. Credit institutions and voluntary organizations shall be provided with credit information services based on contracts signed with CIC.

4. Borrowers shall be provided with their own credit information according to CIC guidelines.

5. Foreign credit information organizations shall be provided, utilized, and exchanged credit information products about borrowers based on memorandums of understanding, cooperation agreements, and contracts signed with CIC in compliance with relevant Vietnamese laws and the laws of the country where the foreign credit information organization is established and operates.

6. In addition to the recipients specified above, organizations exploiting credit information services about borrowers must obtain the borrower's consent in accordance with relevant laws and ensure compliance with the agreed contract with CIC. The borrower's consent must be in a format that can be printed, copied in writing, including electronic or verifiable formats.

Article 13. Limitations on providing credit information

1. Negative information about borrowers may only be provided for a maximum period of five years from the end date of such negative information, except when required by state management agencies as stipulated by law.

2. Voluntary organizations may only provide credit information services corresponding to the scope of information provided to CIC under the information exchange contract.

3. Organizations and individuals violating the provisions of Articles 5, 6, and 7 of this Circular and other relevant laws will have their right to exploit credit information services suspended according to the agreed contract with CIC.

Chapter III

RIGHTS AND OBLIGATIONS OF ORGANIZATIONS AND INDIVIDUALS IN

CREDIT INFORMATION ACTIVITIES

Article 14. Rights and obligations of CIC

1. To be responsible for drafting and submitting to the Governor of the State Bank for issuance of the Decision on the Credit Information Indicators System.

2. To urge, inspect, and supervise the provision of credit information by credit institutions and the implementation of credit information activities by voluntary organizations according to contracts signed with CIC.

3. To publicly disclose principles, scope of use of credit information services, procedures for exploitation and use of credit information services, and pricing of credit information services.

4. To create credit information products for provision upon request of units under the State Bank as stipulated in Clause 1 of Article 12 of this Circular.

5. To support training of staff in credit information operations according to the needs of credit institutions and voluntary organizations.

6. To organize the provision of credit information services under the model of public service units and implement financial autonomy mechanisms as prescribed by the Government.

7. To issue criteria and organize the implementation of quality assessment of credit information provision to CIC; to apply incentive measures for organizations and individuals performing credit information activities well; to propose relevant units to handle violations of credit information activity regulations.

8. To perform other rights and obligations as prescribed by this Circular and relevant laws.

Article 15. Rights and Obligations of Units under the State Bank

1. Units under the State Bank may request CIC to support in providing credit information and credit information products for the units to perform their state management functions.

2. The Banking Inspection and Supervision Authority shall take the lead and coordinate with CIC and related units to inspect credit information activities at credit institutions.

3. The State Bank branch in provinces and centrally-administered cities shall take the lead, coordinate with CIC and related units in conducting inspections of credit information activities at credit institutions within their jurisdiction.

4. The Limited Liability Company for Asset Management of Credit Institutions of Vietnam shall provide information on purchased debts to CIC on a monthly basis according to the indicators specified in the System of Indicators pursuant to the Decision of the Governor of the State Bank.

Article 16. Rights and Obligations of Credit Institutions

1. Establish infrastructure to meet requirements for data creation and control provided to CIC; issue internal regulations and manage the system of credit information indicators throughout the system.

2. Pay fully and on time for the exploitation and use of credit information services according to contracts signed with CIC.

3. Dispatch staff to participate in credit information business training courses organized by CIC or jointly organized.

4. Perform other rights and obligations agreed upon with CIC and relevant laws.

Article 17. Rights and Obligations of Voluntary Organizations

1. Ensure customer consent regarding the provision of credit information to CIC.

2. Pay fully and on time for the exploitation and use of credit information services according to agreements in contracts signed with CIC.

3. Dispatch staff to participate in credit information business training courses organized by CIC or jointly organized.

4. Perform other rights and obligations agreed upon with CIC and relevant laws.

Article 18. Rights and Obligations of Borrowers

1. Be entitled to free access to credit information about themselves as stipulated in points a, c, d, đ, e, h of Clause 1, Article 9 and Clause 4, Article 12 of this Circular once a year.

2. Use credit information products about themselves according to CIC's guidelines.

3. Pay fully and on time for the exploitation and use of credit information services according to CIC's regulations.

4. Perform other rights and obligations as prescribed by CIC and relevant laws.

Chapter IV
DATA CORRECTION AND VIOLATION HANDLING

Article 19. Data Correction

1. In cases where CIC discovers or suspects errors in data, CIC shall cooperate with credit institutions and voluntary organizations to review and correct the data according to the following procedures:

a) If the data does not meet standards such as incorrect file format, missing mandatory information indicators, duplicate information, or other technical errors, CIC will return all or part of the erroneous data. Within three working days, credit institutions and voluntary organizations must correct and resubmit the report data.

b) If the data is suspected of being erroneous, CIC will return all or part of the suspected erroneous data. Within three working days, credit institutions and voluntary organizations must recheck and verify the data and notify CIC of the results; if there are errors, they must correct the data according to the provisions of Clause 3 of this Article.

2. In cases where credit institutions or voluntary organizations discover errors in data at CIC, they shall notify CIC through the electronic system or submit a written request for correction. If CIC verifies that the error is due to CIC, within three working days from the date of verification, CIC shall correct the data according to the request.

3. Upon discovering erroneous data, credit institutions and voluntary organizations must resubmit credit information data and include a confirmation (in writing or via electronic signature) from the General Director (Director) or authorized person specifying the reason for the error and requesting CIC to correct the erroneous data.

4. In cases where borrowers discover errors in credit information about themselves, they may request CIC, credit institutions, and voluntary organizations (hereinafter referred to as receiving organizations) to correct the information. Such requests should be made through the electronic system or submitted in writing, clearly stating the reasons for the request and providing supporting documents to prove the existence of errors.

a) Within five working days from the date of receipt of the request, the receiving organization shall inform the borrower of the validity of the request. If additional information is required to resolve the matter, the receiving organization shall notify the borrower to provide supplementary information and documents.

b) Within ten working days from the date of receipt of a valid request, the receiving organization shall handle the request according to the regulations. If verification and investigation of the request content at relevant agencies and organizations are necessary, the receiving organization may extend the handling period based on actual circumstances but must inform the borrower of the reason for the extension.

c) Within two working days from the completion of data correction, the receiving organization shall inform the borrower of the result of the correction.

Article 20. Handling Violations

Organizations and individuals violating the provisions of this Circular shall be subject to consideration for restrictions on credit information exploitation as stipulated in Article 13 of this Circular and shall be dealt with according to the provisions of the law depending on the nature and severity of the violation.

Chapter V
IMPLEMENTING PROVISIONS

Article 21. Transitional Provisions

1. CIC shall proactively implement the conversion of credit information within five years from the date this Circular takes effect, in accordance with the Credit Information Index System as decided by the Governor of the State Bank of Vietnam. Credit institutions and voluntary organizations have the responsibility to cooperate in providing converted information to CIC when necessary.

2. Within sixty days from the date this Circular takes effect, CIC shall negotiate with voluntary organizations to re-sign or amend and supplement contracts already signed with CIC to ensure compliance with the provisions regarding the time limit, scope of credit information provision, commitment to comply with the security and confidentiality provisions of this Circular, and the responsibility to provide converted information to CIC as stipulated in Clause 1 of this Article.

Article 22. Effectiveness

1. This Circular takes effect from January 1, 2024.

2. The following documents shall cease to be effective from the date this Circular takes effect:

a) Circular No. 03/2013/TT-NHNN dated January 28, 2013, issued by the Governor of the State Bank of Vietnam, concerning the operation of credit information of the State Bank of Vietnam;

b) Circular No. 27/2017/TT-NHNN dated December 31, 2017, issued by the Governor of the State Bank of Vietnam, amending and supplementing certain articles of Circular No. 03/2013/TT-NHNN dated January 28, 2013, concerning the operation of credit information of the State Bank of Vietnam.

Article 23. Implementation Organization

The Head of the Office, the Inspector General, the Director General of the National Credit Information Center, the Heads of units under the State Bank of Vietnam, credit institutions, organizations, and individuals related to this matter are responsible for organizing the implementation of this Circular.