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Jerusalem Life

| Israel's New Credit Rating System Starts

Zev Stub    
Wednesday, 17 April 9:19 AM
Israel's new Credit Rating system has started. According to Rifka Lebowitz of the Living Financially Smarter in Israel Facebook group, the idea is that if you want a loan, lets say from a new bank, they will have access to information (if we agree) on how we paid off debt in the past. If you paid off debts in the past on time, you'll have a good rating and get the loan at a more attractive rate. 

Here's information from the Bank of Israel: 

The Credit Data System, which was established by the Bank of Israel accompanied by the Ministries of Finance and of Justice, will lead to enhanced competition in the credit sphere, both within the banking system and from nonbank entities. The system will enable customers to receive credit at the most beneficial terms available to them, and it is expected to change the current rules of the game in the retail credit market.

In accordance with the Credit Data Law, 5776-2016, the Bank of Israel began to implement the final stage of establishing the Credit Data System and beginning its operation, which is planned for mid-April. As established by law, the Bank of Israel collects credit data from data sources such as credit providers and government authorities, and will transfer them—if the customer is interested in it and consents to it—via credit bureaus to credit providers authorized to use the information (lenders) and to the customers themselves (borrowers).

The information collected from data sources that are banks and credit card companies is from May 2016 and onward, and data from the Postal Bank, the Checks without Cover Section at the Bank of Israel, Execution Offices, and the Official Receiver is from August 31, 2018 and onward.

Supervisor of Credit Data Sharing Tsuriel Tamam said, “We expect that within a short period of time, with the completion of the preparations by the various entities for activity with the new system, the Credit Data System will enhance the competition in the credit area and will have the ability to markedly change the rules of the game in the retail credit market. The system will enable customers to receive more valuable offers and they will be able to manage their steps in an informed manner and increase their negotiating power vis-à-vis various lenders when they come to receive credit.”

Information on the credit data system is published on the Bank of Israel’s designated website:


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