The Bank of Israel launches a public information campaign via various media, to enhance the public’s awareness of the use of the Credit Data System

30/05/2021

Central credit register
Pursuant to the legislation of the Credit Data Law, a credit data sharing system was established at the Bank of Israel. The system began to operate on April 12, 2019. The system collects credit data from various information sources and concentrates them in a clear and simple manner, among other reasons so that customers will able to survey the market before taking a loan. Now the Bank of Israel has launched a public information campaign via various media, which the Communication, Public Information, and Community Relations Department put together in order to enhance the public’s awareness of the use of the Credit Data System.

 

Bank of Israel Director General Ms. Shulamit Geri said, “The Credit Data System places the customer in the center and shifts the power to the customer. The system helps customers follow their financial conduct and makes it possible to receive interest rate offers from various credit providers, and thus to choose the best offer. I urge the public to make informed use of the system”.

 

Until the system was established, various credit providers were not able to know enough about the payment discipline of customers who did not manage their financial activity with them, and so it was difficult to conduct negotiations with them. Since the system went live, there is now the possibility of sharing the information with other credit providers, with the customer’s consent, in order to receive additional credit offers based on this information, and thus improve their situation. All customers are eligible to contact the Bank of Israel once a year to receive a free personal report that concentrates all the credit data about them in the system.

 

For extensive information on the Credit Data System and its advantages, go to the System’s website at www.creditdata.org.il, search for “Credit Data System”, or contact the call center at *6194.​