Task: Class Definition Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes 'consumer credit reference agency'?

A. Applicable regulations: vary by jurisdiciton. for example, only being allowed ot divulge actual judgements against a party, but not things that are not substantiated by judgements. For example, slow payments which are not covered by some judgement against the party. There will be different regulatory requirments about: 1. What the CR Agency can hold 2. Who they can divulge it to 3. What information they must provide the borrower at his/her request Some of the third thing there is covered in the EU the Data Protection Directive and local acts that implement this.
B. organization that uses its surplus revenues to further achieve its purpose rather than distributing its surplus income to the organization's owners (directors, investors, and equivalents) as profit / dividends
C. person or body of persons having judicial authority to hear and resolve disputes on the basis of statutes or the common law
D. formal organization that is an agency, instrumentality, or other body of a supranational, national, federal, state, or local government, including certain multijurisdictional agencies and departments that carry out the business of government

Answer: Applicable regulations: vary by jurisdiciton. for example, only being allowed ot divulge actual judgements against a party, but not things that are not substantiated by judgements. For example, slow payments which are not covered by some judgement against the party. There will be different regulatory requirments about: 1. What the CR Agency can hold 2. Who they can divulge it to 3. What information they must provide the borrower at his/her request Some of the third thing there is covered in the EU the Data Protection Directive and local acts that implement this.