Bank of Israel Governor Prof. Amir Yaron today presented the Knesset Economics Committee with the third report on the implementation of the Credit Data Law, 5776–2016.  The Law sets out arrangements for the sharing of credit data in Israel, and based on the Law, the Bank of Israel manages a central register for sharing credit data and supervises its participants.

 

Bank of Israel Director General Shulamit Geri said, “The credit data system helps increase competition in the credit field. By making information more accessible, it enables every customer to seek more worthwhile offers, and thereby to improve their credit terms.  I call on customers to make use of these tools when taking out credit.”

 

Supervisor of Credit Data Sharing Eyal Haddad said, “Most borrowers in Israel have a very good payment ethic.  It is important to negotiate over the terms of loans you want to take.  It is worthwhile for each borrower to examine and compare offers from numerous different credit providers before making financial decisions.”

 

This report includes findings from research being conducted by the Bank of Israel on the basis of credit data in the register, according to which the credit data system has improved the credit card companies’ ability to make attractive offers to new customers about whom they would not have had information before the register was set up.

 

Among other things, the report presented today presents the activity of the Credit Data Sharing Supervisor, including supervisory and control actions taken and the handling of public complaints, as well as the activity of the register, the register’s manager, and the privacy protection supervisor.​