The long awaited and controversial Israeli Credit Data Law,
5776-2016 has come into force on April 12, establishing an overall
framework for collecting credit data into a Central Credit
Register, operated by the Bank of Israel (Israel's central
bank), and providing it from there onward to Credit Bureaus that
engage in credit rating assessments.
The new law requires institutions such as banks, payment card
Issuers, the electric utility company and the postal bank to report
to the Register information about individuals regarding their
payments, requests to receive credit, accounts, restrictions
imposed by law due to nonpayment, and more.
The law's declared purpose is to enhance competition in the
retail credit market, expand access to credit, reduce
discrimination in the extension of credit, reduce economic gaps,
and create an anonymous information pool that will serve the Bank
of Israel in carrying out its functions. The law also establishes
arrangements for the
