Sharing Credit Information with Bayan Credit Bureau
| No: 41059236 | Date(g): 2/6/2020 | Date(h): 11/10/1441 |
Translated Document
Based on The Credit Information Law issued by Royal Decree No. (M/37) dated 05/07/1429 H, and Its implementing regulations issued by the decision of His Excellency the Governor No. (AQ/13709) dated 22/9/1432 H, in addition to the instructions issued by SAMA under Circular No. 381000058506 dated /1/6/1438 H, and Circular No. 67/38477 dated 20/6/1440 H.
In an effort by SAMA to support the commercial sector in general and to improve the quality of credit information related to the small and medium enterprises (SMEs) sector in particular, aiming to enhance transparency levels and assist in estimating the financial commitments and creditworthiness of companies operating in this sector, and to increase the effectiveness of risk management across all financial institutions through the completeness of credit information and the emergence of comprehensive and high-quality credit reports for consumers.
SAMA urges banks, finance companies, and companies operating in the insurance sector within the Kingdom to conduct membership agreements with Bayan Credit Bureau and to share credit information with the company in accordance with The credit information law and Its implementing regulations and membership agreements with the company.