Credit information is the consumer’s data regarding his credit transactions, such as: loans, purchase in installments, rent, deferred sale, credit cards, and the extent of his commitment to pay or not. 

Requirement to obtain a license to provide credit information 

 It is prohibited for any natural or legal person to provide credit information activity before obtaining a license from the Saudi Arabian Monetary Agency, provided that the company that is licensed to provide credit information requires the following: 

● To be a joint stock company within the Kingdom. 

● Its paid-up capital shall not be less than (50) million riyals. 

● The approval of the Saudi Arabian Monetary Agency on the company's articles of incorporation and articles of association. 

● The approval of the Saudi Arabian Monetary Agency for the credit information system. 

● Availability of qualified human resources, financial and operational resources to carry out work efficiently and effectively. 

● Undertaking to abide by any instructions issued by the institution. 

The company collects credit information on consumers from available sources such as public records, financing institutions whose nature of work requires the granting of credit, industrial and commercial chambers, consumers’ workplaces, and other relevant authorities and sources. Companies must take the necessary measures and precautions to ensure the integrity, validity, accuracy and completeness of credit information obtained, and to this end, you are committed to: 

● Not to obtain any credit information from any entity or source until after signing a membership agreement with that entity or source. 

● Obtaining credit information in accordance with the work rules approved by the Arab Monetary Agency. 

● Take the necessary measures to ascertain the reason for the member's request for credit information. 

● Informing the member of his obligations in order to obtain such information. 

The companies shall be responsible towards those who deal with them for the incorrect or inaccurate credit information they provide.

Credit information is exchanged between companies subject to the credit information system under agreements or contracts entered into between them that indicate mutual rights and obligations, as well as determining the validity period of those agreements and how to extend and renew them. The company is committed to maintaining the confidentiality of credit information for consumers, and not to publish or use it for any other purpose. , taking into account the following: 

● The company has the right to keep negative consumer information for a maximum period of (5) years, from the date of indebtedness settlement, with the exception of cases of bankruptcy, insolvency, zakat obligations and back tax; It shall remain in the Register for a period of (10) years. 

● The company may use credit information in the form of statistical numbers, provided that it does not contain information that indicates the consumer's identity. 

The company licensed to provide credit information prepares a credit record for the consumer that includes information that helps to complete the assessment process faster, provided that the credit record includes information related to the consumer’s solvency, including: 

1- The consumer's natural name, identity number, place of residence, current and previous workplace, marital status and educational qualifications. 

2- The name of the consumer with a legal capacity and the license to practice the activity or his commercial registration number and address. 

3- Information on any existing or previous credit approved or disputed, regardless of whether the credit is immediate or deferred, if there is default or delay in payment, or the debt has been written off or settled, and any guarantees granted to the consumer. 

4- Any lawsuit of a fiduciary nature brought against him, and the judgments issued therein. 

5- Any insolvency, bankruptcy or liquidation lawsuit filed against the consumer and the judgments issued therein, the name of the liquidator or trustee of the bankruptcy, the value of the assets and debt, the dates of payment and the liquidation expenses. 

6- Any checks without consideration issued by the consumer, their value and date, and any measures taken in respect of them. 

7- Any claim issued by an official body that has not been paid. 

8- The number and names of the members who applied for the consumer's credit report during the previous two years from the date of the request to issue the record, the number of credit reports issued, and the results reached. 

9- Any other information of a credit nature that affects the credit solvency of the consumer. 

Penalty for breaching the controls on collecting, exchanging and protecting credit information: 

Whoever commits any violation of the provisions of the credit information system shall be punished with one or more of the following penalties: 

● A fine not exceeding one million riyals, and the maximum fine shall be doubled in case of repetition. 

● Temporarily suspending the license. 

● Revocation of the license. 

Note: One or more committees shall be formed by a decision of the Minister of Finance to consider and decide on disputes and disputes arising between the consumer, members and companies regarding credit information, and whoever has the right may request compensation for the damages he sustained.