(1) A credit bureau shall maintain a record of the history of the credit information.

(2) A credit bureau shall maintain information in its database for

(a) a maximum period of six years from the occurrence of the basis for keeping the information on record, or

(b) a period often years in the case of a criminal conviction.

(3) A credit bureau shall establish and implement procedures to update information registered on its database on an ongoing basis.

(4) A credit bureau shall update its database

(a) as often as necessary in accordance with the nature of the information stored, and

(b) Whenever information is provided by the data provider.