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Credit reform is well underway in the UAE with the Al Etihad Credit Bureau becoming fully operational.
This phase included uploading 24 months of credit data from banks and financial institutions operating in the UAE to its database. According to the bureau, it has uploaded 90 per cent of the consumer credit data that was provided to it in the last 24 months.
The credit bureau, which became operational in September and formally launched in November, has begun issuing credit reports for residents and citizens. Individuals can now obtain their credit report instantaneously by completing the necessary documentation through the bureau’s website or at customer service centres in Dubai or Abu Dhabi, according to the agency.
Applicants will be required to present their Emirates ID and pay a nominal fee, ranging from Dhs70 to Dhs220, to obtain their credit report, the bureau said in a statement.
“As of now, both financial institutions and UAE residents are able to obtain credit reports with a data accuracy rating of 99.5 per cent,” said Marwan Ahmad Lutfi, CEO of Al Etihad Credit Bureau.
“These credit reports will help individuals to understand their debt levels and have a clearer picture of their financial obligations. This will in turn enhance their ability to plan for future borrowing, and manage their finances responsibly.”
Credit reports will also help banks and financial institutions assess risk accurately and enable them to make informed decisions, he added. Al Etihad Credit Bureau is now preparing to launch its second stage of operations, which will see the agency issue credit reports for businesses.