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Credit Bureau to issue consumer reports from September
About 5.2 million credit facilities of individuals residing in the UAE have been added to the bureau’s credit reporting system.
The Al Etihad Credit Bureau is set to launch the first phase of its operations in September by issuing consumer credit reports to banks and financial institutions, which have submitted historical credit data to the bureau.
The credit reports will include records about consumers’ debt levels, financial obligations, credit payments, history of default payments and late payments, according to a statement.
About 5.2 million credit facilities of individuals residing in the UAE have been added to the bureau’s credit reporting system. This represents 97 per cent of the total credit facilities provided by local and international banks and financial institutions operating within the UAE, including credit card and loans. “The strategic objectives of Al Etihad Credit will be achieved through a multiphase process. The first phase, which will be launched in September, will allow banks and financial institutions to access and purchase existing and potential customers’ credit reports electronically after submitting all the necessary documents,” Marwan Ahmad Lutfi, chief executive of the Al Etihad Credit Bureau, said in a statement to Khaleej Times.
He said customers will also have access to their credit reports through the bureau’s soon-to-be-launched customer service centres.
To date, the credit bureau has completed the process of uploading six months of credit data and information collected from banks and financial institutions to its credit reporting system. Banks and financial institutions will have access to their customers’ recent and up–to–date credit reports and will be able to evaluate them before making any lending or financial decisions.
“The issuance of credit reports to banks and financial institutions is an important step in reducing credit losses resulting from non-performing loans and will in turn help individuals and companies to have a deeper understanding of their financial obligations and debt levels,” Lutfi said.
The Al Etihad Credit Bureau will continue to collaborate with its partners to upload customers’ credit information for the past 24 months, in addition to individuals’ Emirates ID details.
— muzaffarrizvi@khaleejtimes.com
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