Management of the credit data register, and supervision and regulation of the credit data sharing system
The Bank of Israel established the Credit Data Register pursuant to the Credit Data Law, 5776–2016, as part of efforts to advance competition in the Israeli credit market.
In this framework, the Supervisor of Credit Data Sharing regulates the activity of the system's participants, including information sources, credit data users, credit bureaus, paid representatives, and business information bureaus.
The system gathers data regarding the credit liabilities of individuals who are Israeli citizens and residents, as well as how those liabilities are covered.
Information sources reporting to the database are mainly entities dealing with the provision of credit, such as banks, credit card companies, and nonbank credit providers, as well as various public authorities such as the Official Receiver, the Collections and Enforcement Authority, and the Bank of Israel's Restricted Accounts Section.
The objectives of the law, and of the Credit Data Register, are:
- Enhancing competition in the retail credit market
- Expanding access to credit
- Reducing discrimination in the provision of credit and reducing economic gaps
- Creating an anonymous information base that the Bank of Israel can use in fulfilling its functions