Credit Information Law

Purpose and scope

• Sets the rules for collecting, exchanging and protecting consumer credit information (Article 2); it applies to credit bureaus, members and bodies holding credit information (Article 3), under central bank supervision (Article 11).

Key rules, rights and obligations

• A member must share credit information with its bureau and is responsible for its accuracy and updating, and may obtain a consumer's record only with written consent (Article 5).
• Credit information is confidential and may not be published or used for any other purpose except under the law (Article 6).
• A consumer's first credit record is created only with written consent, and a member must give the reason for refusing credit on request (Article 9).
• A consumer may obtain a copy of the record at any time for a fee, without charge once after it is created and once after a refusal, add a statement of their view, and ask for errors to be corrected with documents (Article 9).

Violations, penalties and common problems

• Violations include operating without a licence, disclosing confidential information, using it for an unlawful purpose, late updating or failing to correct errors, and giving false or forged data about a consumer (Article 12).
• Penalties: a fine of up to one million riyals, doubled for a repeat, temporary suspension or cancellation of the licence (Article 13).

Procedures and key deadlines

• If an error is not corrected or the record was requested unlawfully, the consumer may complain to the competent committee (Article 9), and its decisions may be challenged before the Board of Grievances within sixty days of notice (Article 14).
• A person harmed by a violation may, after the committee's decision, seek compensation from the competent judicial body (Article 15).

An advisory summary prepared by Al-Bayan Al-Wadih Law Firm. It is not an official text and does not replace the law, its implementing regulations, or advice from a specialised lawyer. The official published text and its amendments prevail.