In accordance with the regulations and instructions issued by Qatar Central Bank, laws have been enacted that oblige all banks operating in the State of Qatar to deal with Qatar Credit Bureau as a main reference for Dishonor cheque data.
The credit report of Consumer and companies is affected negatively in case cheques are not settled, and this is directly reflected in the credit report.
The definition of dishonor cheques:
dishonor cheques are cheques that have been rejected or cancelled by the bank on which they are drawn due to insufficient funds in the account of the issuer to cover the cheque amount.
Reasons for
dishonor cheques and their appearance in the credit report:
Insufficient funds: when the issuer of the cheque does not have enough balance in their account, the cheque may bounce and be returned to the beneficiary.
dishonor cheque reports:
Qatar credit bureau provides two types of reports, one for
Consumer and another for companies. This report contains several elements, including:
- The Identifying information of the report owner.
- Summary of the
dishonor cheques for the client.
- The cheque date.
- The cheque number.
- The cheque amount.
- The cheque returned date
- The account number
- Settlement date
- The data provider
Additionally, the report retains the credit information of the
dishonor cheque in the credit report for a period of three years from the date of the cheque settlement.
Cheque settlement mechanism:
Customers, whether
Consumer or companies, will not be able to issue new cheque books from banks until the amount of the
dishonor cheque is paid, and thus the status of the cheque shall appear as “paid" in the credit report once it is settled.
Reasons for filing complaints:
Customers, whether
Consumer or companies, have the right to file complaints in case of errors in the data included in the credit report. Qatar Credit Bureau shall verify the accuracy of the information disputed by the customer, in coordination with the member institutions and the sources that provided the same data to the bureau and works on resolving the complaint.
Complaints mechanism:
Through the mobile Application.
Through the website.
By visiting Qatar Credit Bureau Customer Service.
All
complaints are settled and resolved according to the procedures followed in the bureau.