Bank customers in the UAE will be able to access their credit reports by the end this year.
The Al Etihad Credit Bureau, which finally began operations last month, has collected 98 percent of customer date from the 70 financial institutions in the UAE, dating back two years.
The credit reports include records about consumers’ debt levels, financial obligations, credit payments, history of default payments and late payments.
Al Etihad Credit Bureau has begun to issue consumer credit reports to financial institutions, and customers will have access to their own data by the end of the year for a fee, according to the bureau’s CEO Marwan Ahmed Lutfi.
Speaking to The National newspaper, Lutfi said the bureau will assist financial institutions when it comes to using credit cards and loans.
“We have a major role to play in bringing awareness to the borrowers. A lot of the borrowers have carte blanche in accessing easy money, whether it was through a credit card or a personal loan,” Lutfi told The National.
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