PRIVACY REGULATION 2013 (SLI NO 262 OF 2013) - REG 11 Meaning of credit reporting business

PRIVACY REGULATION 2013 (SLI NO 262 OF 2013) - REG 11

             (1)  For subsection 6P(4) of the Act, a business or undertaking is not a credit reporting business if the business or undertaking is in a class of businesses or undertakings that:

                     (a)  provides personal information to a credit provider; and

                     (b)  provides the information to:

                              (i)  verify an individual's identity; or

                             (ii)  validate other information relating to the individual's financial position (such as real property assets) that the individual provides to the credit provider.

             (2)  A class of businesses or undertakings complies with paragraph (1)(b) if the class of businesses or undertakings:

                     (a)  compiles information about the individual from sources, including publicly available sources; and

                     (b)  provides the information to the credit provider to assist the credit provider to:

                              (i)  verify the individual's identity; or

                             (ii)  verify that the individual owns the real estate or other assets that the individual claims to own; or

                            (iii)  validate the individual's claimed financial position (in relation to the value of the individual's assets).