Consumer Finance and Microfinance Link to "i-Score"
The General Authority for Financial Regulatory issued two decisions requiring consumer finance companies and companies providing funding for small, medium, and micro enterprises to establish real-time connectivity with the credit reporting agency "I-Score." The purpose is to improve the procedures for granting financing by providing instant data related to loan approvals, disbursements, customer repayments, and legal proceedings, with the mandatory submission of data on a monthly basis within five days after the end of each month. This measure aims to enhance the accuracy of creditworthiness assessments, improve financing decisions, and reduce the risk of default, thereby contributing to sector stability and improving administrative and supervisory performance. The decisions mandate companies to establish electronic connectivity within three months, which will increase operational efficiency and help protect the rights of clients through real-time, accurate data updates.
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