Customer Credit Records

In the Name of Allah, the Most Gracious, the Most Merciful Saudi Central Bank (SAMA) Headquarters

9040991813

Customer Protection Department
Ref: .................... /C.P./
Attachments: ....................

Ref: 351000062501
Date: 1435/05/16 (Hijri)
Attachments: ....................

Circular to All Banks Operating in the Kingdom

To,
General Management
Dear Sir,

Following greetings,

Subject: Customer Credit Records

With reference to the complaints recently submitted to the Bank and the observations made regarding certain members of the Saudi Credit Information Company (SIMAH) delaying the updating of records for defaulting customers or including disputed information pending judicial review, which has caused customer harm. With reference to the Credit Information System and its Executive Regulations, as well as the Customer Protection Principles issued via Circular No. 341000095960 dated 1434/08/03, the Bank wishes to confirm the responsibility of members to take the following:

1. Update customer credit information periodically, at least once a week.
2. Do not provide credit information companies with negative information regarding a customer that involves a dispute or complaint without notifying them that such negative information is subject to dispute or complaint.

We hope for your review and implementation, and request that you inform the Bank of any measures taken within two weeks from its date. Please note that the Bank will conduct investigations upon identifying any violations of these instructions in accordance with Article (10) of the Executive Regulations. Furthermore, the "Committee for Reviewing Violations and Resolving Credit Information Disputes" will take appropriate actions regarding customer objections previously rejected, as well as violations referred to it by the Bank in accordance with Articles (12) and (13) of the Credit Information System.

Yours sincerely,

Al-Suwaiq
Abdulaziz bin Abdulrahman Al-Hilisi
Deputy Governor for Supervision

W. Al-Nasser 5/5
P.O. Box 2992, Riyadh 11169 | Tel: 4662704 - 4662705 | Fax: 4662747 - 4662747