Credit Referencing: The permutations of the Court of Appeal Decision in the case of Melissa Supermarket and Another vs. Stanbic Bank Zambia Limited [2022] ZMCA 17 (the “Melissa Decision”)
Authors: Lupiya Simusokwe, Sankananji Mubanga and Salifyanji Simwanza 09 June 2022 Introduction Over the years, varied sentiment has arisen over the establishment and use of credit reference bureaus in Zambia. To one judge, credit reference bureaus represent hidden powers that would be gathering “black information” on individuals and business houses to assist banks and lending institutions to make decisions on whether to lend money. Nonetheless, to some, it is a tool used to determine the credit behaviour of individuals and entities since as they say, “the best predictor of future behaviour is past behaviour”. So then, what is Credit Referencing? Credit referencing is a process...
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