Horizons in Credit. Saudi Credit Bureau Credit in Saudi Arabia
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1 Horizons in Credit Saudi Credit Bureau 2014 Credit in Saudi Arabia
2 Contents About the Booklet Credit Information Law SIMAH Supervision & Monitoring Public Records Fee Members Confidentiality Usage Complaints Consent Decline Errors Violations Penalties The Credit Information Violations and Disputes Settlement Committee All Copyrights Reserved by SIMAH
3 About Booklet To get a loan, mortgage, overdraft, credit card, mobile phone contract or even monthly car insurance lenders may' credit check' you to assess your likely credit behavior. Scoring systems are never published and may differ depending on both the lender and the product. So just because one credit service provider rejects you, it doesn't automatically mean another will. The questions are how Saudi credit market operates ; what are the consumers' rights, lenders' duties and responsibilities; how does The Saudi Credit Bureau (SIMAH), work and how credit information disputes are settled. This educational credit booklet answers all such questions for the purpose of expanding credit culture in the Saudi society. This credit educational booklet is part of SIMAH's awareness program known as Horizons in Credit. All Copyrights Reserved by SIMAH
4 Credit Information Law A Saudi Credit Information Law issued by the Royal Decree No. M/37 on 5 Rajab 1429H corresponding to 8 July Its purpose is establishing the general principles and controls necessary for collection, exchange and protection of consumer credit information. It is applied to credit bureaus, members and government and private entities maintaining credit information. Credit information includes information and data on consumers with respect to credit transactions thereof such as: loans, installment purchase, lease, credit sale and credit cards and their commitment to payment SIMAH The Saudi Credit Bureau (SIMAH) is licensed to collect and maintain credit information on consumers and commercial entities and provide the same to members upon request. It operates in the Saudi credit market to collect, provide, exchange and protect credit information. Supervision & Monitoring The Credit Information Law (CIL) authorizes Saudi Arabian Monetary Agency (SAMA) to oversee and monitor the implementation of its provisions and may, in particular, undertake the following tasks: All Copyrights Reserved by SIMAH
5 1. Draft the Implementing Regulations. 2. Determine conditions to be met by credit information bureaus seeking to provide credit information services as well as controls and procedures for licensing. 3. Issue, renew and amend licenses for credit information bureaus. 4. Set up mechanisms for overseeing and monitoring work of credit information bureaus. 5. Approve work procedures to be followed by members and credit information bureaus for the application of credit records. 6. Detect and investigate violations and prosecute violators before the committee. 7. Determine measures to be taken with respect to credit information in case of revocation of the license of the credit information bureaus, or its dissolution, liquidation or bankruptcy 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 for example. All Copyrights Reserved by SIMAH
6 Fee SIMAH may charge a fee for provision and exchange of credit information pursuant to controls set forth in the Implementing Rules. Members A member is any government or private entity which is party to a credit information exchange contract with SIMAH. Each member shall exchange credit information in his possession with SIMAH and shall be liable for the accuracy and updating of such information. A member may obtain a copy of the consumer credit record from SIMAH subject to the written consent of the consumer. Confidentiality SIMAH, members, 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 the CIL or its Implementing Regulations, or in accordance with laws and instructions regulating the confidentiality of information in the Kingdom. Usage Credit information may be used for statistical analysis, provided that such information does not reveal the consumer's identity. Complaints SIMAH and members shall provide consumers with information on applicable procedures when applying for any credit transaction. SIMAH shall set specific procedures for dealing with consumers' complaints. All Copyrights Reserved by SIMAH
7 Consent A consumer credit record may not be established with SIMAH for the first time except with the written consent of the consumer. Consumer s Decline A member shall provide the consumer, upon his request, with grounds for declining his credit transactions. A consumer whose credit transaction is declined may obtain a free copy of his credit record once only. Subject to payment of relevant fees, a consumer may obtain a copy of his credit record at any time. Said consumer may obtain a free copy of his credit record once only upon establishment of the record. A consumer may add information to his credit record indicating his personal point of view with respect to credit information provided therein. Records Errors A consumer who detects an error in his credit record may request SIMAH to correct said error upon submission of relevant supporting documents. A consumer, if an error in his credit record is not corrected or if he notices that his credit record is requested for an unlawful reason, may file a complaint with the committee set up pursuant to CIL. Violations The following acts shall be deemed in violation of the provisions of CIL : 1. Engaging in the activity of credit information bureau without obtaining a license from SAMA. 2. Credit information bureau violation of license conditions and controls. 3. Disclosure, by any member, SIMAH or any other entity subject to the provisions of CIL, or any of their employees, while in office or afterwards, of information gained in the course of their work which is deemed confidential under CIL, in All Copyrights Reserved by SIMAH
8 cases other than those specified in CIL. 4. Use or exploitation of credit information for unlawful purposes or in violation of the provisions of CIL. 5. Delay of members or SIMAH in updating credit information on the dates specified in the Implementing Regulations, or failure to correct an error immediately upon detection. 6. Providing incorrect or forged data on consumers. 7. Failure of members bound by membership agreements to provide requested credit information, or delay in providing such information on dates specified in the Implementing Regulations. 8. Any other violation of the provisions of CIL or its Implementing Regulations. Penalties Anyone violating the provisions of CIL or its Implementing Regulations shall be subject to one or more of the following Penalties 1. A fine not exceeding one million riyals; the maximum fine shall be doubled in case of repetition. 2. Temporary suspension of the license. 3. Revocation of the license. The Committee Credit Information Violations & Disputes Settlement Committee The Credit Information Violations & Disputes Settlement Committee (The Committee ) is a committee formed by the Ministry of Finance to review violations of the provisions of the CIL, impose penalties and decide on disputes and disagreements arising between consumers, members and SIMAH. The Committee is composed of three members with expertise in credit disputes and a legal counselor. Decisions of The Committee are passed by majority vote and may be All Copyrights Reserved by SIMAH
9 appealed before the Board of Grievances within sixty days from the date of notification. Anyone sustaining damage resulting from a violation of provisions of the CIL, after the issuance of a decision by The Committee may have recourse to the competent judicial authority to claim compensation for damage sustained. Honored to Serve You... All Copyrights Reserved by SIMAH
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