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 concerning 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 to achieve 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 the rights of financial and banking service consumers, by granting citizens the right to obtain a copy of their credit reports and to object to their data through the branches and offices of service providers.

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, which include 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 the 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, upon a written request from the customer.

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

   a. Verify the national ID card or passport for individuals, whereby the customer themselves must be the service applicant, or officially authorized through a judicial power of attorney specifying the purpose of obtaining credit reports.

   b. Verify the registration certificate of the legal entity, whereby the registration certificate must be valid, and also verify the identity of the service applicant, whereby they must be one of the authorized signatories on behalf of the legal entity or officially authorized through a judicial power of attorney specifying the purpose of obtaining credit reports.

3. Provide the customer with a printed copy of their credit report as requested and issued from 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 indicate the fees paid by the customer for obtaining their report, including the service provider's fee and the Palestine Monetary Authority's fee. The customer's signature must be obtained on it to confirm receipt of a copy of their report.

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

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Article (5)

Objecting to Credit Report Data

The following conditions are required to accept a request to object to 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 submitted only once. If the customer wishes to submit a second objection, they must request a new report before submitting an objection to the report data.

Article (6)

Review of Objection Request and Processing Procedures

After the Palestine Monetary Authority receives the objection request through the system, the objection processing procedures shall begin as follows:

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

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

3. The Palestine Monetary Authority shall take the necessary steps 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 right to obtain a new report after data modification, by sending a short message (SMS) to the customer's mobile number or to the service provider employee who entered the objection, in case the customer's phone number is unavailable.

5. Notify the service provider that inquired about the customer during the three-month period preceding the data modification date, to inform them of the error in the data of the inquired party and to notify 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 number of printed report pages 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 a request to object to 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 modification date at the same service provider where the objection was submitted.

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

4. The Palestine Monetary Authority 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 modification date.

5. Fees shall be debited from bank accounts by the Palestine Monetary Authority 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 to be settled in the Authority'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 its branches and offices.

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

3. Designate 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 to 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 repealed.

2. Instructions No. (2011/01) regarding customers obtaining their credit reports and objecting to them at lending institutions are 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. Ashraf Al-Sawwaq
Governor
Palestine Monetary Authority

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