The credit data database activity began In practice on Sunday Apr. 14th

The credit data database was published. In practice, his activity began on Sunday. This is a large and complex project led by the Bank of Israel in recent years, and its purpose is to increase competition in the consumer credit market by improving transparency regarding the information that lenders will have.
However, the financial system has entered a pre-emptive preparedness ahead of the database's rise to the air. Both banks and non-banking entities are concerned about the anticipated birth pains resulting from the complexity of the project, both technologically and operationally. In addition, there is concern that at least in the short term, the system may actually lead to the opposite effect of a credit crunch and an increase in interest rates, mainly to weak customers.
One of the main innovations in the new credit database compared to the previous one - apart from the fact that it will include more extensive information than the information currently included in the database - is that the customer must agree that the credit provider will have access to the database. However, the banking system estimates that less than 10,000 people have signed their agreement so far that the data on them will be transferred to the banks. This, of course, is negligible compared to the millions of bank accounts active in Israel.
Some of the banks have not even begun the signing process, and are planning to do so only now and for customers who will ask for a new loan. Some of the banks have already tried to sign existing customers, but have encountered low response, and some have invested more massive efforts in the last week.