Borrowers complain about incorrect credit information | iGuide

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When a borrower discovers that his/her credit information is incorrect, who can he/she complain to?

This article provides information about the rights of borrowers to complain when they discover errors in their credit information. It guides them through the steps to take to make a complaint, including contacting the relevant credit institution or regulatory agency, to ensure that the information is corrected accurately and to protect the interests of the borrower.

According to Article 18 of Circular 03/2013/TT-NHNN, it is stipulated as follows:

Article 18. Complaint settlement

1. In case a borrower discovers that his/her credit information is incorrect, the borrower has the right to complain to CIC, credit institution, foreign bank branch or voluntary organization (hereinafter referred to as complaint receiving organization) to request checking and adjusting the information, but must not take advantage of false complaints.

Complaints can be made electronically or in writing, stating the reasons and supporting documents proving that the data is erroneous.

2. Within 05 working days from the date of receipt of the complaint, the organization receiving the complaint must notify the borrower. In case additional information is needed to have a basis for verification and resolution, the organization receiving the complaint must notify the borrower to provide relevant information and documents.

3. Within 10 working days from the date of receipt of a valid complaint, the complaint receiving organization must review, adjust the erroneous data and notify the borrower. In case it is necessary to conduct an inspection and verification of the content of the complaint request at relevant agencies and organizations, the complaint receiving organization may extend the time for handling the complaint according to the actual situation but must notify the borrower of the reason for the extension.

4. In case of errors in credit information that are detrimental to the borrower, CIC must send a notice of correction to the user. Upon receipt of the notice of correction, the user must reconsider the decision to grant credit.

5. Within 02 working days from the date of complaint settlement results, the organization receiving the complaint must notify the borrower of the complaint settlement results.

Accordingly, when a borrower discovers that his/her credit information is incorrect, the borrower has the right to complain to the following organizations to request checking and correcting the information, but must not take advantage of false complaints:

- CIC (Credit Information Center);

- Credit institutions;

- Foreign bank branches;

- Or voluntary organization