In a move welcomed by credit providers and buyers, the Saudi Credit Bureau, SIMAH, has almost completed the last phase of its advanced, interactive credit text-messaging service for consumers who need to know their credit rating. Through a standardized, interactive communication center, when dialing #510001, subscribers can find out their credit standing before rushing to their local bankers for more cash. Nabil Al-Mubarak, executive director of SIMAH, in a written response to Saudi Gazette, stated that the system “intends to serve citizens and residents obtain data about their credit status, fast, secure and up-to-date through the SIMAH data center which is fully interactive and does away with operator hassles.” A few months ago the renowned American publication Business Week praised SIMAH. “It (SIMAH) takes first honors in operating the most advanced and most secure credit-reporting interactive matrix world-wide.” SIMAH's credit reporting content, in its totality, consists of seven integrated reports. The very basic, introductory report, contains end-user personal data, positive and negative features of his/her financial “transactions” and an assessment by SIMAH of customer financial solvency measured as a customer's ability to pay current obligations. The second part of the report is known as the “synopsis”, a summarized credit analysis delivered to the caller through his telephone/mobile number registered with his banker. It is of particular interest to lenders since it measures a customer's total current outstanding debt and maximum credit-ceiling available. The third report, traditionally requested by bank lending officers and companies who sell goods on installments, divulges “probable default” measured as a customer's inability to clear a due amount of SR500 or more over 180 days. SIMAH, in this third report, estimates a customer's partial or total willingness to clear due debt in a recommendation to credit suppliers. The fourth and fifth parts complement the overall credit report. The fourth places a customer into one of five categories: very high risk, high risk, medium, low and very low risk. The fifth includes SIMAH risk measurement and risk associated with customer financial solvency measured along a point continuum of 550 to 1,250 points. The last two reports carry stronger signals to lenders. The sixth part is an abbreviated version emphasizing features of particular interest to credit providers and the seventh report gives a SIMAH assessment as to the customer's potential to “permanently fall behind”. To access the centralized communication center, customers must phone and provide their national ID or Iqama numbers and pronounce their legal full names. “This is how we establish independent identity for each user in dealing with the financial sector. It is a four-point identity verification matrix: Civil record number, legal full name, telephone number and voice-tone.” There is a further security feature. “The fifth corner of our five-point star is visual recognition where a match with a SIMAH-stored customer photo is set against a caller's current facial features.” Al-Mubarak said his agency is committed to developing a community of buyers and sellers aware and appreciative of credits vital role for individuals and businesses. __
