Credit Bureaus Sector Supervision
Based on the belief of the Central Bank of Jordan in the importance of the existence of a comprehensive credit database about banks’ clients and credit providers that affects helping these parties to rationalize the credit decisions, take them on the basis of accurate assessment of the clients’ ability to pay, price the offered financial products and services on the basis of the client’s degree of risks, enhance the effectiveness of risk management, improve access to finance especially to individuals and small and medium- sized enterprises, maintain the banking and financial stability, contribute to the promotion of economic growth in the Kingdom, achieve financial inclusion, as well as the importance of the vital role played by credit bureau systems as one of the key elements in the infrastructure of the financial system, the Central Bank worked to create a legislative and legal infrastructure necessary for the work of companies that deal with the exchange of credit information. To this effect, it issued "Credit Information Temporary Law" number (15) of 2010 and "Credit Bureau Bylaw," No. (36) of 2011. In accordance with these legal references, the Central Bank of Jordan was entrusted to license, supervise and control the work of these companies. By the end of 2015, the Central Bank granted a license to a company to operate as a credit bureau known as "CRIF Jordan." The company has launched a credit inquiry service/ credit reports during the fourth quarter of 2016.