This refers to BSD letter No. BSD/SU-61/101/7494/2004 dated December 9, 2004, forwarding therewith the specimen for Credit Information Reports and data collection formats for submission of credit data to Credit Information Bureau, State Bank of Pakistan.

2. It has been observed that some of the financial institutions are either not providing the requisite information or are providing incorrect data in some of the fields of the data collection formats. Notably, this information is used both by banks and financial institutions to assess the credit worthiness of prospective borrowers, as well as by the State Bank of Pakistan in its policy formulation. Hence, the provision of incorrect data or its non submission carries implications for informed decision-making.

3. Accordingly, all banks and member financial institutions of the Credit Information Bureau are advised to ensure that they furnish complete and correct information for all fields in the data collection forms within the stipulated time. The member financial institutions will have to furnish cogent justification for non submission of information in any of the fields. Failure to comply with this directive shall render the banks and other financial institutions liable for penal action under the relevant legal and regulatory provision.

4. Please acknowledge receipt.