Circular to Banks and Microfinance Companies Regarding Credit Information Reports

In the Name of Allah, the Most Gracious, the Most Merciful

Central Bank of Jordan

Number: 1/27/1083
Date: 7 / 1 / 1442 AH
Corresponding to: 26 / 8 / 2020 AD

Circular to Banks and Microfinance Companies in the Kingdom

Greetings,

It has become evident to us through the study and follow-up of complaints received by the Central Bank that some banks and microfinance companies are citing Crif Jordan when refusing to grant credit facilities to clients and failing to provide them with a copy of their credit report, which is contrary to the provisions of Article (19/c) of Credit Information Law No. (15) of 2010. Therefore, I emphasize the following:

1. The necessity of providing the customer with a copy of the credit report when credit is withheld against them based on the negative points contained in the report.

2. Adherence to the specific cases defined in the aforementioned law under which the customer reviews the credit information company. It has been observed that some banks/microfinance companies are directing customers to review Crif Jordan when rejecting a credit application submitted by them, regardless of the reasons for rejection, or directing them to Crif Jordan in order to delete data mentioned in their credit reports.

3. Adherence to providing Crif Jordan with relevant credit information regarding any client or any modifications thereto on a periodic basis.

Please accept our highest respect,

Governor
Dr. Ziad Fries

P.O. Box 37 • Amman 11118 Jordan • Phone 4630301 • Fax 4638889 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo