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Customer Credit Records

No: 351000062501 Date(g): 17/3/2014 | Date(h): 16/5/1435 Status: In-Force

Translated Document

          Referring to the complaints recently submitted to SAMA and what has been observed regarding the delay of some members of the Saudi Credit Bureau (SIMAH) in updating the records of customers who have defaulted on their debts, or the inclusion of disputed information pending before judicial authorities and committees, which has caused disruptions to customers' interests. And referring to Credit information Law and its implementing regulations, and also the Banking Consumer Protection Principles issued by Circular No. 341000095960 dated 03/08/1434 H. SAMA would like to emphasize the members' responsibility to do the following:

  1. Update customers' credit information periodically at least once a week.
  2.  Refrain from providing credit information companies with negative data about the customer, that involves a dispute or complaint without notifying them that the negative information is currently under dispute or complaint.

We hope to review and act accordingly, and inform SAMA of the measures taken within two weeks from its date, noting that SAMA will investigate any violations of the instructions is detected in accordance with Article (10) of the implementing regulations. The "Committee for Reviewing Violations and Resolving Credit Information Disputes" will take appropriate measures regarding the customers’ objections that have been previously rejected, as well as the violations submitted to it by SAMA in accordance with the provisions in Article (12) and (13) of the Credit Information Law.