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Mon 31 Aug 2015 01:50 PM

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UAE residents to get access to credit report by Q4

Al Etihad Credit Bureau CEO says almost all banks are now using date from credit bureau

UAE residents to get access to credit report by Q4

Residents in the UAE will be able to access their credit report online by the end of this year, according to the chief executive of Al Etihad Credit Bureau.

After years in the planning, the UAE launched Al Etihad Credit Bureau in November 2014, since when it has faced the inevitable teething problems.

In July this year, the Al Etihad Credit Bureau CEO Marwan Lutfi said almost all banks are now using data from the credit bureau, with 51 active subscribers to the bureau’s services, including the top 47 banks and finance companies - compared to about 30 in November.

Lutfi also said 56 institutions were providing data to the bureau, mainly financial firms, up from 42 in November.

Speaking to The National, Lutfi said that UAE residents will be able to access a copy of their credit report online by the end of the year.

“We are hoping that the online service will be launched in the fourth quarter this year, in which customers will actually be able to submit their documents and IDs online and request a report, and that report will be delivered,” Lutfi said.

He said the credit bureau will work with banks to promote its services and responsible lending.

“We’ve done a lot of awareness through banks. They have been very good, hosting a lot of the [bureau’s] banners on their corporate websites,” he said.

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