Credit Information Law

Definitions The following words and phrases, wherever mentioned in this Law, shall have the meanings assigned to them, unless the context requires otherwise: SAMA: Saudi Central Bank*. Credit Information: Information and data on consumers with respect to credit transactions, such as: loans, installment purchase, lease, credit sale and credit cards and their commitment to payment. Member: Any government or private entity which is party to a credit information exchange contract with at least one credit information company. Consumer: Any natural or corporate person engaging in credit transactions. Companies: Credit information companies licensed to collect and maintain credit information on consumers and provide the same to members upon request. Credit Record: A report issued by companies containing consumer credit information. Public Records: Credit information records maintained by government entities, such as records of funds and banks offering government loans, judicial authorities, government committees, bankruptcy and insolvency records and the like. * The "Saudi Arabian Monetary Agency" was replaced By the "Saudi Central Bank" in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding to 26/11/2020G . Article 2 This Law aims at establishing general principles and controls necessary for collection, exchange and protection of consumer credit information. Article 3 This Law shall apply to companies, members, government and private entities maintaining credit information. Article 4 1. Government entities maintaining credit information shall provide such information to licensed companies pursuant to controls established by said entities to guard against monopoly of said information. 2. Companies shall collect, provide exchange and protect credit information. 3. Companies shall prepare consumer credit records and exchange the same with members upon request. 4. Companies shall charge a fee for provision and exchange of credit information pursuant to controls set forth in the Implementing Regulations . Article 5 1. Each member shall exchange credit information in its possession with the company it has a contract with and shall be liable for the accuracy and updating of such information. 2. A member may obtain a copy of the consumer credit record from companies subject to the written consent of the consumer. Article 6 Members, companies and their staff shall maintain the confidentiality of consumer credit information, and they may not publish or use such information for any purpose other than those provided for in this Law or its Implementing Regulations , or in accordance with laws and instructions regulating the confidentiality of information in Saudi Arabia. Article 7 Credit information may be used as statistical figures, provided that such information does not reveal the consumer's identity. Article 8 1. Members and companies shall provide consumers with information on applicable procedures when applying for any credit transaction. 2. Companies shall set specific procedures for handling consumers' complaints and shall publish such procedures upon SAMA’s approval. Article 9 1. A consumer credit record may not be established with companies for the first time except with the written consent of the consumer. 2. A member shall provide the consumer, upon his/her request, with grounds for declining his/her credit transactions. 3. A consumer whose credit transaction is declined may obtain a free copy of his/her credit record once only. 4. Subject to payment of fees, a consumer may obtain a copy of his/her credit record at any time. Said consumer may obtain a free copy of his/her credit record once only upon establishment of the record. 5. A consumer may add information to his/her credit record indicating his/her personal point of view with respect to credit information provided therein. 6. A consumer who detects an error in his/her credit record may request the company to correct said error upon submissi