|11-14-2014, 12:04 PM||#1|
UAE`s credit bureau to start covering retail customers
The credit bureau of the United Arab Emirates has started covering retail customers, its chief executive said on Wednesday, and also announced plans to start covering companies next year.
Al Etihad Credit Bureau has now acquired financial information of 97% of the UAE’s total population who have a credit history or 2.8 million people, according to CEO Marwan Lufti.
"The credit reports will play a key role in helping banks and financial institutions to assess risk accurately, enabling them to make informed lending decisions and lower lending risks," Lutfi said.
Approximately 99% of the required data on consumers were supplied by banks. As of now, 43 financial institutions have presented their credit data for customers.
This emphasizes the UAE government’s resolve to enhance its banking system and provide security against bad debt, with the Etihad Bureau only the latest of tools to protect the financial system of another collapse like it did in 2009 and 2010.
Until the much-delayed credit bureau, banks were usually unable to access data from other financial institution on customers before making lending decisions.
This means that borrowers could have easily taken huge amounts of debt from more than one lender, and without any of them finding out.
Balance sheets of many banks and financial institutions in the UAE are until this moment suffering from bad-debt provisions and impairments.
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