Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Instructions No. (3) of 2017

Regarding Credit Reports

Based on the provisions of Legislative Decree No. (09) of 2010 regarding Banks, particularly Article (72) thereof,
and based on the provisions of Decision No. (132) of 2011 on the Licensing and Supervision of Specialized Lending Institutions, particularly Articles (3) and (35) thereof,
and in accordance with the powers delegated to us,
and in pursuit of the public interest,
we have issued the following Instructions:

Article (1)

Objective

These Instructions aim to consolidate the principles of transparency and disclosure to enhance the protection of financial and banking service consumers' rights, by granting citizens the right to obtain a copy of their credit reports and object to their data through service providers' branches and offices.

Article (2)

Definitions

Credit Reporting System: The system that provides customers with credit reports and enables them to submit objections to their data through the service provider.

Credit Reports: Reports extracted from the credit information system and the specialized customer networks, including the credit report with and without classification, and the specialized network report.

Service Provider: Commercial and Islamic banks and specialized lending institutions participating in the credit information system and specialized networks.

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Article (3)

Scope of Application

The provisions of these Instructions apply to all service providers, whereby customers are granted, upon their prior request, the right to obtain their credit reports and object to their data through all branches and offices of the service provider.

Article (4)

Providing Customers with Their Credit Reports

The service provider must adhere to the following when providing customers with a copy of their credit reports:

1. Provide the customer with their credit reports through the dedicated credit reporting system, based on a written request from the customer.

2. Verify the identity of the service applicant using a valid ID before granting any service on the credit reporting system, as follows:

   a. Verify the national ID card or passport for individuals, ensuring the customer themselves is the applicant, or officially authorized via a notarized power of attorney specifically stating the purpose of obtaining credit reports.

   b. Verify the registration certificate of the legal entity, ensuring the certificate is valid, and verify the applicant's identity, ensuring they are either an authorized signatory on behalf of the legal entity or officially authorized via a notarized power of attorney specifically stating the purpose of obtaining credit reports.

3. Provide the customer with a printed copy of their credit report as requested and issued by the credit reporting system, along with an official stamp on the report.

4. Provide the customer with a stamped copy of the invoice issued by the system, which must clearly detail the total fees paid by the customer for obtaining their report, including the service provider's fee and the PMA fee. The customer's signature must be obtained on it to confirm receipt of their report copy.

5. Retain paper copies of the credit report request forms and invoices printed and signed by customers.

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Article (5)

Objecting to Credit Report Data

The following conditions must be met to accept an objection request regarding a customer's credit report data:

1. The customer must have previously obtained their credit report.

2. The objection must be submitted only for the same type of report requested by the customer or their authorized representative.

3. Verify the identity of the objection applicant in accordance with the provisions of Article (4) of these Instructions.

4. The objection to the report is allowed only once. If the customer wishes to submit a second objection, they must request a new report before objecting to the report data.

Article (6)

Review of Objection Request and Processing Procedures

Upon receipt of the objection request by the PMA through the system, objection processing procedures shall commence as follows:

1. The PMA shall contact the service provider whose data was objected to, in order to respond to the substance of the objection complaint.

2. The service provider whose data was objected to shall be granted a period of (5) five working days to respond to the PMA's request and correct any erroneous data, if found.

3. The PMA shall take the necessary measures to respond to the customer's request and correct the data retroactively from the date the erroneous data disclosure began.

4. Notify the customer regarding the processing of their objection and their ability to obtain a new report after data modification, by sending a short message (SMS) to the customer's mobile number or the service provider's employee.

5. Notify the service provider that inquired about the customer within the three months preceding the data modification date, to inform them of the error in the inquired customer's data and to advise them of the correction.

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Article (7)

Fees

1. The service provider shall charge the following fees:

   a. A report printing fee of (10) ten shekels.

   b. The printing fee shall be collected according to the mechanism approved by the service provider.

   c. If the printed report exceeds (7) seven pages, the service provider shall charge an additional fee of (0.5) half a shekel for each additional page.

2. The service provider is prohibited from charging any fees in the following cases:

   a. Submitting an objection request regarding credit report data.

   b. Printing credit reports once after correcting an error in the customer's data within a period of six months from the correction date at the same service provider where the objection was submitted.

3. The PMA shall charge a fee of (5) five shekels for each credit report issued to a customer.

4. The PMA shall not charge fees in the following cases:

   a. Obtaining a credit report once per calendar year.

   b. Obtaining a credit report once after correcting an error in the customer's data within a period of six months from the correction date.

5. Fees shall be debited from bank accounts by the PMA at the end of each month, with official notification sent to them.

6. Fees shall be debited from specialized lending institutions' accounts at the end of each month, and an invoice shall be sent to them for payment into the PMA's accounts.

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Article (8)

General Provisions

The service provider must adhere to the following:

1. Provide the service of supplying customers with their credit reports through all branches and offices.

2. Provide the service to all citizens based on the customer's request by filling out the dedicated request form.

3. Assign at least one employee at each branch and office whose duties include providing the credit report printing service, supplying it to customers, and receiving customer objections regarding credit report data.

4. Use the credit reporting system in accordance with the provisions of Article (4) of these Instructions.

5. Do not print credit reports from the system without prior authorization and a request from the customer.

Article (9)

Repeal

1. Instructions No. (2011/03) regarding customers obtaining their credit reports and objecting to them at banks are hereby repealed.

2. Instructions No. (2011/01) regarding customers obtaining their credit reports and objecting to them at lending institutions are hereby repealed.

Article (10)

Implementation and Enforcement

All competent authorities shall implement the provisions of these Instructions within their respective jurisdictions, and the provisions of these Instructions shall apply as of 2017/02/05.

Issued in Ramallah on 2017/02/02

Dr. Abdullah Al-Sawwaq
Correction and Verification Department
Palestine Monetary Authority

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Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487
Email: info@pma.ps

www.pma.ps