Regulatory Alerts2022-11-22
Added · Updated
Circular on Credit Reports and Credit Refusals to Banks and Microfinance Companies
The Central Bank of Jordan mandates that banks and microfinance companies must provide customers with a copy of their credit report when credit is denied based on negative points. The regulator prohibits these institutions from citing Crediv Jordan as a justification for refusing credit facilities or directing customers to that entity unless the report contains incorrect information. These requirements apply to all banks and microfinance companies operating in the Kingdom.
In the name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Reference No.: 18474/4/27 Date: 22/4/1444 AH Corresponding to: 16/11/2022 AD
Circular to Banks and Microfinance Companies in the Kingdom
Greetings,
Based on the provisions of Article (19/c) of the Credit Information Law No. (15/2010) and subsequently our Circular No. (10830/1/27) dated 26/8/2020, I hereby emphasize the following:
- The necessity of providing the customer with a copy of the credit report when credit is denied based on negative points contained in the report.
- Not to cite Crediv Jordan as a justification for refusing credit facilities based on negative information in customers' credit reports.
- Not to direct customers to Crediv Jordan unless there is incorrect information in their credit reports.
Please accept our highest regards,
The Governor Dr. Adel Al-Sharkas [Signature]