Appraisal of the Nigerian Credit Reporting Act 2017

Monye, Felicia Nwanne; Nwafor, Ndubuisi; Mukoro, Benjamin

Abstract

Credit reporting is the act of gathering information about the behaviour of borrowers and making such information available whenever a decision is to be made regarding a borrower's application for new credit. Following the introduction of credit bureaux in Nigeria in 2007, in 2017 the federal legislature enacted the Credit Reporting Act, creating a legal framework for the implementation of credit reporting and codifying global best practices adhered to in the practice and administration of credit reporting. This article examines the act in the light of its objectives and attempts to determine whether the legal framework it provides is conducive to the achievement of these objectives. It also considers the factors that might militate against the effective running of a credit reporting system in Nigeria and suggests measures to deal with these challenges.

• Journal Article Type: Review
• Acceptance Date: Sep 29, 2019
• Online Publication Date: Apr 2, 2020
• Publication Date: Jun 30, 2020
• Deposit Date: Nov 29, 2023
• Publicly Available Date: Nov 30, 2023
• Journal: Journal of African Law
• Print ISSN: 0021-8553
• Electronic ISSN: 1464-3731
• Publisher: Cambridge University Press (CUP)
• Peer Reviewed: Peer Reviewed
• Volume: 64
• Issue: 2
• Pages: 229-243
• DOI: https://doi.org/10.1017/S0021855320000091
• Public URL: https://uwe-repository.worktribe.com/output/11469748