Section 8. Rules and Regulations. —

For purposes of creating a healthy balance between the need for reliable credit information and safeguarding consumer protection, ensuring free and healthy competition in the industry, the SEC in coordination with relevant government agencies and existing industry stakeholders, shall issue the implementing rules and regulations (IRRs), which shall be reviewed, revised and approved by the Oversight Committee to ensure consistency and compliance with the provisions of this Act, embodying among others:

1. The basic credit data shall be limited or confined in form and content to an objective and factual information and shall exclude any subjective information or opinion;

2. Restrictions on the use and transfer of credit information;

3. Rights of the borrowers to access their respective credit information and to dispute the factual accuracy of such credit information;

4. Requirements and standards for the establishment of the Corporation including, but not limited to, ownership, industry representation, independent directors and process of nomination of directors;

5. Accreditation standards for submitting and special accessing entities and non-accessing entities;

6. Sanctions to be imposed by the Corporation on:

   1. The submitting entities for non-submission of reports and for delayed and/or erroneous reporting;

   2. Accessing entities, special accessing entities, outsource entities and duly authorized non-accessing entities, for breaches of the confidentiality of, misuse of, the credit information obtained from the credit information system; and

   3. Violations of other applicable rules and regulations: Provided, That these administrative sanctions shall be in the form of fines in amounts as may be determined by the Corporation but in no case to exceed Thirty thousand pesos (Php30,000.00) a day for each violation, taking into consideration the attendant circumstances, such as the nature and gravity of the violation or irregularity. Imposition of administrative sanctions shall be without prejudice to any criminal and other sanctions as may be applicable under this Act and relevant laws;

7. Suspension or cancellation of the rights of any Accessing Entity or Special Accessing Entity to access Credit Information from the Corporation: Provided, That the SEC in coordination with relevant government agencies and existing industry stakeholders, may issue subsequent regulations consistent with the IRR as approved by the Congressional Oversight Committee.

   In addition, the SEC may regulate access to the credit information system as well as the fees that shall be collected by the Corporation from the Accessing and Special Accessing Entities, taking into consideration the policy of lowering the cost of credit, promoting fair competition, and the need of the Corporation to employ state-of-the-art technology; and

8. The basic credit data about a borrower shall be limited to credit information existing on the date of the enactment of this Act and thereafter.