In this Law, the following terms shall have the meanings assigned thereto, unless the context requires otherwise:

Agency: Saudi Central Bank.

Credit information: Information and data on consumers with respect to the credit transactions thereof such as: loans,

installment purchases, leasing, credit sales, and credit cards and their commitment to payment.

Member: Any government or private entity which is party to a credit information exchange contract with at least one credit

information company.

Consumer: Any natural or corporate person engaging in credit transactions.

Companies: Credit information companies licensed to collect and maintain credit information on consumers and provide the same to members upon request.

Credit record: A report issued by companies containing consumer credit information. Public records: Credit information records

maintained by government entities such as records of funds and banks offering government loans, judicial authorities, government

committees, bankruptcy and insolvency records, and the like.

This Law aims at establishing the general principles and necessary regulations for the collection, exchange, and protection of consumer credit information.

This Law shall apply to companies, members, and government and private entities maintaining credit information.

1. Government entities maintaining credit information shall provide the same to licensed companies pursuant to the conditions established by said entities to guard against the monopoly of said information.

2. Companies shall collect, provide, exchange, and protect credit information.

3. Companies shall prepare consumer credit records and exchange the same with members upon request.

4. Companies shall charge a fee for the provision and exchange of credit information pursuant to the conditions set forth in the Implementing Regulations.

1. Each member shall exchange all the credit information in his possession with the company he has a contract with and he shall be liable for the accuracy of such information as well as updating the same.

2. A member may obtain a copy of the consumer credit record from companies subject to the written consent of the consumer.

Members, companies, and their staff shall maintain the confidentiality of consumer credit information, and they may not publish or use such information for any purposes other than those provided for in this Law or its Implementing Regulations, or in accordance with the laws and instructions regulating the confidentiality of information in the Kingdom.

Credit information may be used as statistical figures, provided that such information does not reveal the consumer's identity.

• 1- Members and companies are obligated to provide consumers with information about the procedures followed when applying for any credit transactions.

• 2- Companies are required to establish specific procedures for handling consumer complaints and to publish them after obtaining the bank's approval.

1. A consumer credit record may not be established with companies for the first time except with the written consent of the consumer.

2. A member shall provide the consumer, upon his request, with grounds for declining his credit transactions.

3. A consumer whose credit transaction is declined may obtain a free copy of his credit record once only.

4. Subject to payment of relevant fees, a consumer may obtain a copy of his credit record at any time. Said consumer may obtain a free copy of his credit record only once upon establishment of the record.

5. A consumer may add information to his credit record indicating his personal point of view with respect to credit information provided therein.

6. A consumer who detects an error in his credit record may request the company to correct said error upon submission of relevant supporting documents.

7. A consumer, if an error in his credit record is not corrected or if he notices that his credit record has been requested for an unlawful reason, may file a complaint with the committee established pursuant to this Law to decide thereon.