The World Bank in its General Principles for Credit Reporting, has inter-alia, set out that credit reporting systems should have relevant, accurate, updated and sufficient data – including positive data – collected on a systematic basis from all reliable, appropriate and available sources, and should retain this information for a sufficient amount of time. Incorrect data may result from human error or other causes.
For example, incorrect data provided by the data subject (i.e., individuals and businesses whose credit histories and identification data are stored in these systems) or human error from creditors or other sources when inputting data, will result in incorrect data being transmitted to the credit reporting system, affecting the quality of reports.