Section 28 of The Credit Information Companies (Regulation) Act, 2005.
No chairperson, director, member, auditor, adviser, officer or other employee or agent employed in the business of a credit information company or in the business of a specified user shall, except for the purposes of this Act or when required to do so by any other law in force or court or tribunal or authority, disclose any information to any person.
Summary
- People working for a credit information company or a specified user must keep all information secret from outside parties.
- This strict secrecy rule binds chairpersons, directors, members, auditors, advisers, officers, employees, and agents.
- Information cannot be disclosed to anyone unless the disclosure is done specifically for the purposes of this Act.
- Disclosure is also legally permitted if another law currently in force requires it, or if ordered by a court, tribunal, or authority.
Practical examples
FAQ
1. Can an employee of a credit bureau share my credit information with a private investigator?
No, employees are strictly prohibited from disclosing information to any person, except under very specific legal exceptions.
2. Are there any situations where sharing this confidential information is allowed?
Yes, information can be shared if it is for the purposes of the Act, or if it is required by a court, tribunal, authority, or another law.
3. Does this rule apply to outside advisers and auditors working for the company?
Yes, the prohibition explicitly applies to auditors, advisers, and agents employed in the business.
Test yourself
Q1.Under Section 28 of The Credit Information Companies (Regulation) Act, 2005., what is the general rule for employees and directors regarding credit information?
Q2.Under Section 28 of The Credit Information Companies (Regulation) Act, 2005., which of the following is a valid, lawful reason for an auditor of a credit information company to disclose information?
Q3.Under Section 28 of The Credit Information Companies (Regulation) Act, 2005., who among the following is explicitly bound by the rule not to disclose information?
Q4.Under Section 28 of The Credit Information Companies (Regulation) Act, 2005., can an officer disclose information if another law currently in force requires it?