Al Etihad Credit Bureau is set to issue consumer credit report to financial institutions which have submitted historical credit data to the bureau, from the beginning of September.

The credit reports will include records about consumers’ debt levels, financial obligations, credit payments, history of default payments and late payments, said a statement.

The 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 to date, it said.

The 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.

Marwan Ahmad Lutfi, CEO, said: “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. Customers will also have access to their credit reports through our soon-to-be-launched customer service centres.”

“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,” he said.

The 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, said the statement.

The 5.2 million credit facilities of individuals residing in the UAE added to the bureau’s credit reporting system, represents 97 per cent of the total credit facilities provided by local and international banks and financial institutions operating within the emirates, including credit card and loans. - TradeArabia News Service