Referring to the Credit Information Law issued by Royal Decree No. M/37 dated 1429 H, and further to SAMA's circular No. BCS/55 dated 29/1/1428 H regarding the full compliance with the operating rules and the membership agreement signed with the Saudi Credit Information Company (SIMAH). We inform you that SAMA has recently observed that some banks are using unprofessional methods to collect distressed debts, misleading distressed customers by claiming that their names will be removed from "SIMAH's list" upon settling their debts.

Whereas following such methods with distressed bank customers reinforces a false understanding of the role of credit information companies and negatively impacts the efforts made to educate beneficiaries about the reality of credit reports and their contents. Therefore, SAMA emphasizes the necessity for all banks operating in the Kingdom, particularly the employees of the collection department and contracted collection companies, as well as other relevant departments, to refrain from using unprofessional methods to collect distressed debts. This includes misleading distressed customers into believing that their names will be removed from "SIMAH's list" upon debt settlement, which contradicts the actual mechanisms of the credit reporting system in place.