Credit Data Law, 5776-2016

A credit provider may request from a credit bureau to receive an indication on the question of whether to grant credit to a customer for the purpose of entering into a credit transaction with that customer, provided that the credit provider has notified the customer in advance and in an explicit manner of the credit provider's intention to receive an indication as aforesaid and of the fact that for the purpose of receiving the indication the credit bureau will submit to the Bank of Israel a request to receive the credit data concerning the customer that are included in the database, all in the manner determined by the Governor with the approval of the Committee.

Where a request to receive a credit indication concerning a customer has been submitted to a credit bureau, the bureau may, for the purpose of providing the credit indication, request from the Bank of Israel to receive credit data concerning that customer that are included in the database.

A credit bureau may provide a credit provider, together with the credit indication concerning a customer, with credit data concerning that customer that are published by law and other credit data connected to such data, all as determined by the Minister with the approval of the Committee.

A credit bureau may, at a customer's request, receive from the Bank of Israel a regular data compilation report in respect of that customer.

An authorised agent for consideration may receive from the Bank of Israel a regular data compilation report in respect of the customer who has authorised that agent, through a credit bureau and in accordance with the provisions of this Section.

Where an authorised agent for consideration has requested a credit bureau to receive through it a regular data compilation report in respect of a customer, the credit bureau may apply to the Bank of Israel with a request to receive such a data compilation report, provided that the conditions prescribed by the Governor under section 43 and the conditions directed by the Commissioner for the purpose of receiving the report from the database have been met in respect of the authorised agent (in this Section — the conditions for the transfer of a data compilation report).

The Governor, with the consent of the Minister and with the approval of the Committee, shall prescribe conditions that the authorised agent for consideration must meet for the purpose of receiving a regular data compilation report in respect of the customer, including prescribing the uses that the authorised agent for consideration shall be permitted to make of the information in the report and of the credit data received from the database.

The Bank of Israel shall not include in the credit data that it delivers from the database to a credit bureau under this Chapter for the purpose of preparing a credit report or a credit rating, identifying information details regarding the information sources, except in respect of the information sources listed in section 19(a)(1) to (5); the Minister may prescribe additional information details that shall not be included in the credit data delivered for the purpose of preparing a credit report or a credit rating or a regular data compilation report for the purpose of its delivery to an authorised agent for consideration.

A credit bureau shall not take into account data concerning a customer's sex, age, sexual orientation, race, religion, country of origin, nationality, place of residence or marital or health status, with regard to its statistical model required for the purpose of providing services based on credit data and a credit rating, with regard to the provision of a credit rating in respect of a customer and with regard to a customer's credit score.

A user of credit data may retain a credit report until the end of the period of the credit transaction with the customer in connection with which the report was requested, and if the report was requested for the purpose of a decision on entering into a credit transaction and the transaction was not concluded — shall delete the credit report within sixty days of the date of its receipt, unless the Minister has prescribed a shorter period.

The Commissioner may prohibit or restrict, permanently or for a period to be prescribed, the delivery under this Chapter of credit data contained in the database to a credit bureau, and may also prohibit or restrict the transfer of credit data received by a credit bureau under this Chapter to a user of credit data or to an authorised agent for consideration, if the Commissioner has found that this is required for the purpose of safeguarding the objectives of this Law and exceptional circumstances exist.

Where an information source has discovered that credit data in respect of a customer that it transferred to the database are not correct, complete or accurate, or that a change has occurred therein for any reason, it shall notify the Bank of Israel thereof and transfer to it the updated credit data, as soon as possible and no later than within seven days, unless the Commissioner has prescribed a different period, all in the manner directed by the Commissioner.