Regulatory Alerts2017-01-01
Instructions No. 3 Regarding Credit Reports
The Palestine Monetary Authority issued Instructions No. 3 of 2017 to mandate commercial banks and specialized lending institutions to provide customers with their credit reports and establish a formal objection process for data inaccuracies. The regulation requires service providers to verify applicant identities, charge specified fees for printing and system access, and correct erroneous data retroactively within five working days of an objection. It also repeals previous 2011 directives, grants customers one free annual report and one free report within six months of a correction, and mandates the PMA to oversee compliance and fee collection.
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