Members Obligations
Article (40)
The member shall:
1. obtain the written consent of the consumer upon inquiry, and his/her approval to provide licensed companies with his/her credit information; 2. not provide companies with any credit information about the consumer if the member knows that such information contains errors or believes that such information may contain incorrect data; 3. not provide companies with false credit information about the consumer after the member has been informed by the consumer; 4. periodically update the consumer information, at least once a week; 5. provide companies, in all circumstances, with correct and complete data about the consumer; 6. use the consumer information received from the companies for lawful purposes; 7. immediately inform the companies about any closed credit accounts based on the consumer's request; 8. not disclose any information received from the companies about the consumer; 9. develop records including the names and addresses of the companies transacted with as well as the information provided to such companies. 10. not have the right to provide the companies with negative information about the consumer that includes dispute or complaint without notifying the companies that such negative information is subject of a dispute or complaint; and 11. verify the consumer information and correct or delete any contained errors. Article (41)
The member shall inform the consumer about any negative information that will be sent to companies within 30 working days as of registering such information in the consumer’s record. This can be affected through sending a clear and explicit written notification to the consumer.
Article (42)
Members who are committed by membership agreements with companies may not deny or delay the provision of the credit information required by them according to the defined schedules and agreed frequency stipulated in the membership agreements between companies and members.