UAE credit bureau asks banks to supply data
Dubai, April 23, 2014
Al Etihad Credit Bureau, a federal government company which provides credit reports on individuals and corporates in the UAE, has asked all UAE banks and financial institutions to submit their customers’ credit data for the past 24 months, including individuals’ Emirates ID details.
A large number of the banks have not yet fully completed the process of providing credit data for the past 24 months, the bureau said.
Meanwhile, the bureau's board meeting held recently confirmed its readiness to start operations once its by-laws are published in the Official Gazette.
The meeting was presided over by Obaid Humaid Al Tayer, Minister of State for Financial Affairs and Chairman of Al Etihad Credit Bureau.
The board expressed its thanks to the National Bank of Fujairah for its support and cooperation, as it is the only bank to submit accurate and reliable credit data for the past two years. The Board of Directors has urged remaining banks to follow suit and provide their credit data as soon as possible.
As part of its operational readiness, the Bureau has successfully fulfilled all of the requirements for issuing credit reports, including establishing secure links with all financial institutions, and completing internal and external risk assessments, it said.
Moreover, the board highlighted the need for banks and financial institutions to use Emirates ID, the only valid form of identification for all individuals residing in the UAE, in all customer transactions and operations. This will ensure that the bureau’s record matching process is 100pc accurate, it said. - TradeArabia News Service