What is Credit Bureau?
A Credit Bureau is a data bank / repository that will collect factual information relevant to the history and payment habits pertaining to Individual's and SME's from the credit grantors and disseminate such information by way of Credit Information Reports (CIRs) to credit grantors.
I-Score will present only factual credit information provided by the credit grantors and not participate in granting or denying of application for credit.The decision to grant/ deny credit is made by the credit grantors.
Why do we need credit reporting?
The decision to extend credit is made by a "credit grantor." Most often, this decision involves reviewing your credit file, which is obtained from a Credit Bureau, such as I-Score.
What is Credit Report?
A credit file is created when you apply for credit from the credit grantors.I-Score organizes and stores such credit information so that it can be retrieved by Members of I-Score, in the form of CIRs enabling them in taking informed credit decisions.
The CIRs will reflect the demographic information (for Individual's), firmographic information (for SME's), identifiers, credit history (good and poor) and litigation information.
The CIRs will display information pertaining to good credit history for 2 years and for poor credit history for 5 years.
Why is my credit report important?
When you apply for credit, the credit grantor wants to be sure that, if they lend you money, they will be paid back. The more your credit file demonstrates that you pay your debts on time, the more desirable you become as a potential customer.
If you have fallen behind in repayment schedule in the past, a credit grantor wants to see how you have been managing your debt since then.
Your credit file also shows how much you have already borrowed or co-signed for. Credit grantors want to evaluate your financial capacity to make monthly payments. No responsible lender will want to over-lend or encourage customers to take on more debt than they can pay back.
Who can access my credit report?
- Only Members of I-Score will be provided CIRs and only when the request relates to purpose for inquiring and obtaining the credit report.
- as per a court sentence, court order or arbitration.
- providing, increasing, renewing, or amending the terms of any form of credit.
- accepting a guarantee in any form.
- determining the credit scoring of the client who is applying for the credit.
- reviewing the credit position to determine regularity in meeting his commitments in due dates.
- as per a signed consent from the client.
- I-Score will present only factual credit information provided by the credit grantors and not participate in granting or denying of application for credit.
- The decision to grant/ deny credit is made by the credit grantors.
- How long does the Credit Bureau display the credit data on my CIR?
- The CIRs will display information pertaining to good credit history for 2 years and for poor credit history for 5 years.
Why was I denied credit?
I-Score neither grants nor denies any application for credit. We simply provide a factual account of your credit history to credit grantors. The credit grantors review this information and make an independent decision based on its own policies.
You can request a copy of your credit file to establish whether there was negative information on your credit file that may have prevented you from receiving credit.
Is my credit report affected as a co - signer of a loan?
If you are a co - signer of a loan, the activities related to that loan will usually be reported by the credit grantor on both the report of the borrower and the co - signer.
How can I establish and maintain a good credit scoring?
Two simple ways to keep a solid credit scoring are:
1- To pay your bills on time and always meet payment due dates.
2- Borrow only the amount you can afford to repay.
What's in it for you?
Buy now, on credit, rather than waiting until you have the money to purchase items such as properties, appliances, televisions, automobiles etc.
This creates immediate demand for these goods. That demand creates employment opportunities and these new jobs allow more people the opportunity to buy now and pay later thus stimulating the economy.
Protection of Privacy?
The Central Bank of Egypt has the responsibility for regulating the activities of the Credit Bureau to ensure accuracy of information and protection of the individual's rights.
Your information will be dealt with confidentially and will be released to users to whom you applied for credit as per the rules and regulations of the Central Bank of Egypt.
The Central Bank of Egypt has the responsibility for regulating the activities of the Credit Bureau and the Protection of the Consumer's Rights.
The client (Individual's and SME's) has the right to request a copy of their own CIR on the form prepared for this by I-Score at any time as per the system set by the
I-Score after paying the required fees.
The client shall have the right to file a complaint if the data and information in the CIR is incorrect within 15 days of receiving the report.
If the complaint is not filed during this period, the data and information shall be deemed correct and fully accepted by the client, unless proven.
In case material changes are made to the CIR, as a result of investigation of the complaint by I-Score or the Data Provider, then:
* Notices with changes shall be sent to all the users (Members) who made inquiries and obtained credit reports in the last three months preceding the change.
* All issued CIRs while the complaint is being investigated will include a notice that a complaint has been filed.