Regulatory Alerts2014-03-16
Customer Credit Records
The Saudi Central Bank (SAMA) issued this circular to all domestic banks, requiring credit information company members to update customer records at least weekly and to clearly flag negative data involving active disputes or complaints. The directive addresses recent customer grievances caused by delayed updates and unflagged disputed information, mandating compliance feedback within two weeks. SAMA will enforce these obligations through targeted investigations and empower the relevant dispute resolution committee to act on previously rejected customer objections and referred violations under Articles 10, 12, and 13 of the Credit Information System.
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