Regulatory Alerts2006-03-02
Added · Updated
Rules Regulating the Work of Credit Inquiry and Rating Companies, Information Exchange, Central Bank Control, and Licensing Procedures
The Central Bank of Egypt establishes rules for credit inquiry and rating companies, requiring a minimum paid-up capital of five million Egyptian pounds and licensing for activities involving credit file creation and scoring. The document defines credit files, data providers, and users, while mandating that companies collect data from authorized sources such as banks and public registries. It imposes strict obligations on data security, confidentiality, and the retention of inquiry and complaint records for at least two years, alongside a five-year retention period for negative historical information. The regulations also outline consumer rights to access reports and dispute inaccuracies, and define the Central Bank's supervisory framework over these entities.