Regulatory Alerts2023-09-03
Added · Updated
Instructions on Business Controls for Credit Information Companies
The Central Bank of Jordan issued Instructions on Business Controls for Credit Information Companies, effective April 1, 2023, applying to credit information companies, data providers, and credit providers. The rules mandate specific retention periods for credit data, such as three years for payment defaults and seven years for bankruptcy, while requiring weekly data updates from providers and daily updates for bounced checks. The document establishes strict operational controls, including database security protocols, mandatory client consent for access, and detailed procedures for handling and resolving client objections within five years. Additionally, credit information companies must submit audited financial statements within two months of the fiscal year-end and provide quarterly reports on data provision and inquiries to the Central Bank.