This regulation establishes the general framework for the operation of the Credit Information Center (CIC). The CIC is an information database which financial entities can use to supervise debtors, generate individual reports on a person's financial status, and observe their credit histories. Only approved members within each financial entity may access this database.
The CIC can generate three types of reports on individuals’ credit histories. The first, which any unauthorized member can access, contains only the client’s public domain information. The second type is as a report issued to authorized entities. This contains information outside of public domain, but that can be made available to financial institutions upon the regulator’s approval. The third type of report is issued only to debtors. This report contains all the information given to authorized entities, as well as that which may be of exclusive interest to the individual.
All individuals have the right to verify the information which the CIC holds under their name. Individuals must obtain the Regulator’s approval to access this document. When a person believes their report does not accurately reflect his credit information, he is in the right to solicit the amendment of its contents to the Regulator.