Apropos to the letter published in Business Recorder of April 6, 2010 that the government has decided to bring private sector, Credit Information Bureau (CIB) under Regulatory Control as some of these bureau's are leaking sensitive information pertaining to banking activities.
It is correct that the financial data is the main system and the information is made available only on request of the financial institutions to enable them to know the credit history of the customers. In this connection, the Ministry of Finance has proposed a draft Credit Bureau Act 2010 to control the CIB powers to use the credit information would vest with the State Bank. It is suggested that proposed draft should be passed by the relevant authority and enforced.