Part 4- Consumer Rights
In our previous article, we discussed the responsibilities that credit providers and credit bureaus have under the Credit Information Act, 2021. Now, we close the series by focusing on your rights as a consumer (or “data subject”) in relation to this regulation. We believe this is very important as the data being shared between the Data providers and Credit Bureaus is about “YOU”.
1. The right to be informed (Section 34): The Act requires credit providers (like banks, retailers, or microlenders) to give you three key pieces of information whenever your data is shared with a credit bureau:
- Which credit bureaus hold your information with their contact details.
- Your right to check and correct your credit history if something is wrong.
- How to access or correct information that the provider itself holds about you.
2. The right to access your credit report (Section 35): You are entitled to a full copy of your credit report from any licensed credit bureau. ( At Credbase, this will be once a calendar year) . When making a request, you’ll need to submit a certified copy of your Oman or passport. The bureau then has up to 7 days to give you your report. This report must include:
- A list of who has viewed your credit record in the past six months.
- Explanations of all codes used in the report, so you can understand it.
- The sources of the information.
There are other situations where you can get this report for free:
- After an investigation into your credit data (under Part VI of the Act).
- Within 30 days of being notified that adverse action has been taken against you.
3. The right to be notified of adverse action (Section 36) : If a credit provider takes an adverse action against you for example, refusing a loan, charging you higher interest, or reducing your credit limit and the decision was based on your credit report, they must:
- Notify you in writing within 5 days.
- Explain the reason for the action.
4. The right to challenge and correct information (Section 37): If you believe your credit report has errors, you can challenge it in writing. Grounds for a challenge include information that is:
- Inaccuracy
- Incomplete
- Outdated information
Once you lodge a dispute:
- The credit bureau has 5 days to forward your challenge (plus your report) to the data provider.
- If the error is due to the bureau itself, it must investigate within 14 days.
- The data provider has 30 days to investigate and report back on whether the information should be corrected, deleted, or kept.
- If the provider fails to respond, the bureau must remove the information and inform the Bank of Botswana.
- The bureau must notify you and also alert any lender who received your incorrect report in the past 12 months.
- If corrections are made, those lenders get a free corrected copy.
- Most importantly, while the dispute is unresolved, the bureau cannot continue reporting the challenged information.
Why this matters: The Credit Information Act puts consumers at the centre of Botswana’s growing credit system. This is very commendable and is in line with Global credit data sharing standards. These rights give you the ability to:
- See and understand your credit history.
- Be notified if your record works against you.
- Correct errors before they harm your access to loans or services.
In conclusion, as a consumer don’t wait until you’re denied credit to take action. Request your report, review it regularly.
