LAW PILL SERIES
AB LEXMALL & ASSOCIATES
Boutique Law Firm specializing in Corporate Commercial Practice and focusing on Litigation, Advisory, and Transactions.
OPERATIONAL DUTIES
The bureau is required to provide information concerning a person to that individual if they so request. If the person challenges the accuracy of the information, the credit bureau is obligated to take steps to support the challenged data and to investigate the disputed information. Additionally, privacy and security principles, as outlined in the act, must be adhered to at all times.
A bureau that does not comply with any provision of the act or does not comply with a request for information from the Bank of Ghana may be subject to the suspension or revocation of its license. Additionally, the Bank of Ghana may inspect the records, books, and accounts of the bureau in the event of a perceived breach. If the Bank of Ghana conducts such an investigation, the bureau will be obligated to produce all such documents as requested by the bank.
The act enables the court to take various steps in order to regulate the bureau. A magistrate may issue a warrant authorizing the Bank of Ghana or another person to enter and search the premises of the credit bureau for investigative purposes. A magistrate may also enjoin a credit bureau from engaging in certain types of conduct.
The act also provides guidelines for closing a bureau or transferring control of the business. Generally, either of these actions must be done with the permission and supervision of the Bank of Ghana.