A ‘Credit Report’ is a fully comprehensive and integrated report that contains all the details of your credit dealings with the various credit providers such as banks and credit card providers.
SIMAH, the Saudi Credit Bureau, makes it possible for you to access your credit report.
The Saudi Credit Bureau was established in 2002. Initially formed as a limited liability company by 10 banks operating in the Kingdom, the bureau was created to act as a data aggregator, providing a comprehensive system of credit information, collected by the banks in order to be exchanged easily between them.
What does the Credit Report contain?
The credit report includes the financial products you have obtained such as loans and credit cards as well as detailed information about these such as, maturity date, installment amounts and repayment status.
The first report can be obtained free of charge from SIMAH.
Advantages of the Credit Report
Your credit report allows you to review your financial obligations, so that you can organize your finances in an efficient and responsible manner. It makes it easy to monitor and follow-up on all of your credit information.
Here is a list of the major details included in your credit report:
- Employment information: Details of your employer, job title and monthly salary.
- Current credit product information: Products you have obtained and their obligations that remain active and in force between you and the credit provider.
- Total active credit limits: The total amount of credit received, i.e., the value of a product, service, or credit line such as a post-paid telecommunications service, which is still active. This could include a credit card, personal finance, real estate finance, lease, or other credit services and products.
- Information on credit products that have been subjected to default: The credit products that you have received and the obligations & repayments due that have been defaulted on. These could be finance installments or bills for a period exceeding 180 days and an amount exceeding SR 500, and the number of these products and their details, as well as the total of the bad credit liabilities whether you pay them or not, and remaining non-performing credit liabilities that have not yet been repaid.
- Amount of repayment installments: Any amount of installments due and agreed upon between you and the financing party or utility bills whether monthly, quarterly, or annual.
- Updates: The date of updating details of the members (the credit provider) for product information, where the update is conducted on at least a weekly basis.
- Information on defaulted guaranteed products: Includes a summary of the distressed products that the customer has guaranteed for another beneficiary or third party for a default amount above SR 500 and exceeding 180 days of non-payment.
- Bounced cheque information: The cheques returned by the bank (i.e., cheques issued without sufficient covering balance) shall be registered after issuance of the objection order in favour of the beneficiary, where the value, date, reason of the cheque’s return and the actions taken thereon shall be recorded.
- Court decisions & orders (if any): The amount mentioned in the court order – the amount approved by the court for payment, which the individual must pay and the remaining amount in case the customer pays part of it.
- Status of payment: The status of the last regular or late payment during the past two years (24 months).
- Salary transfer guarantee: The warranty status is stated, i.e., whether the customer has obtained a credit product in exchange for a salary transfer or not.
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