Reduction of the fee paid for a combined statement

09/12/2020

Central credit register
The Bank of Israel had led a process to lower the cost of the fee paid by the credit bureaus to the Bank of Israel for data reports on customers beyond the first report in a specific year. Whether the report is generated by the bureaus in order to provide credit to the customer pursuant to the law, or whether it is generated by a paid authorized representative.

 

The amended Fees Order was approved yesterday by the Knesset Economics Committee, and will now be sent to the Governor for his signature, so that the fees are expected to be lowered in January 2021.

 

Supervisor of Credit Data Sharing Eyal Haddad said, “Out of a desire to lower costs for customers, and to encourage responsible financial conduct particularly at this time, including by providing financial consulting service to the customer, we set a reduced fee of NIS 3 (before indexation) for providing an individual data report regarding a customer, where the report is not the first report that year, so that the bureau can provide services to the customer or a paid representative who provides financial consulting services to the customer, and we have equalized it with the cost of the fee paid by a credit provider.”

 

The data report is a report that provides the customer with all financial data collected about him at the Bank of Israel in respect of his debts (loans, check payment facilities, and so forth) from various credit providers.  Customers are entitled to generate such a report once a year for free.

 

This fee is significantly lower than the fee the customer must currently pay for providing a data report that is not the first report during the year, in accordance with the provisions of Section 3(b)(1) of the Order, which is currently between NIS 30 and NIS 40.

 

Setting a reduced fee as stated will encourage people to obtain financial consulting and price comparison services in the area of credit, while also helping reduce the costs that the customer must pay for such consulting services.​