Horizons in Credit. Saudi Credit Bureau Reading of Credit Culture

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1 Horizons in Credit Saudi Credit Bureau 2014 Reading of Credit Culture

2 Contents About the Booklet History Development Free Report Reliability Concept of Credit Repor Obtaining Credit Report Rejection Black List Approving All Copyrights Reserved by SIMAH

3 About Booklet Ever wonder how a lender decides whether to grant you credit? For years, creditors have been using credit scoring systems to determine if you d be a good risk for credit cards, auto loans, and mortgages. These days, many more types of businesses are using credit scores to decide whether to approve you for a loan or service and on what terms. Auto and homeowners insurance companies are among the businesses that are using credit scores to help decide if you d be a good risk for insurance. A higher credit score means you are likely less of a risk, and in turn, means you will be more likely to get credit or insurance - or pay less for it. SIMAH provides this educational booklet to raise the credit culture in the Saudi Arabia. All Copyrights Reserved by SIMAH

4 History! Credit scoring is a system creditors use to help determine whether to give you credit. It also may be used to help decide the terms you are offered or the rate you will pay for the loan. Information about you and your credit experiences, like your bill-paying history, the number and type of accounts you have, whether you pay your bills by the date they re due, collection actions, outstanding debt, and the age of your accounts, is collected from your credit report. Using a statistical program, creditors compare this information to the loan repayment history of consumers with similar profiles. For example, a credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points a credit score helps predict how creditworthy you are how likely it is that you will repay a loan and make the payments when they re due. All Copyrights Reserved by SIMAH

5 Development To develop a credit scoring system or model, a creditor company selects a random sample of its customers, or a sample of similar customers, and analyzes it statistically to identify characteristics that relate to risk. Each of the characteristics then is assigned a weight based on how strong a predictor it is of who would be a good Free Copy Your credit report is a key part of many credit scoring systems. That s why it is critical to make sure your credit report is accurate. Credit Information Law gives you the right to get a free copy of your credit reports from SIMAH for the first time or in case being rejected. In all cases, SIMAH doesn t interfere in the decision process. Reliability SIMAH s Credit scoring systems enable creditors to evaluate millions of applicants consistently on many different characteristics. To be statistically valid, these systems must be based on a big enough sample. They generally vary among businesses that use them. Properly designed, credit scoring systems generally enable faster, more accurate, and more impartial decisions than individual people can make. And some creditors design their systems so that some applicants those with scores not high enough to pass easily or low enough to fail absolutely are referred to a credit manager who decides whether the company or lender will extend credit. Referrals can result in discussion and negotiation between the credit manager and the would-be borrower. All Copyrights Reserved by SIMAH

6 What does my credit report reflect? Your credit report reflects your historic credit movement since the beginning of your credit transactions up to the latest update made by the members. Do I have the right to inquire about other people's credit reports? No, you do not have that right unless by special power of attorney addressed specially to SIMAH. Does SIMAH have the right to offer or refuse to provide credit facilities? No ; SIMAH does not have this right. Who does decide granting me credit facilities? Only SIMAH s members decide to grant you credit facilities based on your credit behaviour, their credit policies, your creditworthiness ; your solvency level etc. Does anyone have the right to read my credit report? Your credit report is your own property and no one else shall have the right to read it without your prior permission. What does SIMAH do in case of my objection to the content of my credit report? In case of your objection to the content of your credit report, SIMAH will take all necessary measures and provide you with the results. All Copyrights Reserved by SIMAH

7 Is the "Black List" system still in effect? NO. The "Black List" system was cancelled by SAMA since 01/09/2004. What does SIMAH do about my credit transaction? SIMAH, the Saudi Credit Bureau, is a private independent company, whose function is keeping your credit transactions in an electronic record linked to all members. What is required of me to submit to SIMAH's staff to enable him serving me? You are required to present your ID to the SIMAH's employee to help you and to maintain confidentiality of your credit information. Are there any procedures that I have to follow before any inquiry about any information? Yes. You must fill in the visit form before any inquiry. How can I submit a formal complaint? You can send a fax to , to the attention of the General Manager. Will SIMAH s member agree/disagree to deal with me, even if I am defaulter? Yes; SIMAH' members may agree to deal with you even if you are a defaulter and they may not deal with you even if you are not a defaulter. Do I have the right to inquire without paying fees? You have the right to inquire even without paying fees if any one of the members refused to grant you credit facilities within one month. Do I have the right to inquire and obtain my credit report if one month or more has passed since the inquiry of SIMAH's member was made? Yes. You have the right, provided you paid the defined fees. All Copyrights Reserved by SIMAH

8 Contact Us Costumer Service Honored to Serve You... All Copyrights Reserved by SIMAH

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