Abu Dhabi: Al Etihad Credit Bureau, a federal government company that provides UAE credit reports, announced that it is operationally ready, and prepared to launch its services in line with government directives and the law.
The announcement came after the bureau had completed all necessary testing that ensure law compliance.
The official operational launch will take place once the bureau’s by-laws have been published in the Official Gazette.
The bureau has completed the final steps of its pre-operational phase, including an intensive security audit of the system, penetration testing, and a complete system review. The pre-launch phase also included signing agreements with all the UAE’s financial institutions for the submission of credit data to the bureau.
“Twenty five lending institutions, which control approximately 96 per cent of the retail credit market according to data submitted to Al Etihad Credit Bureau during the first quarter of 2014, have crossed the Bureau’s credit data accuracy threshold of 93 per cent, and provided information that exceeds international data quality standards,” said Marwan Ahmad Lutfi, CEO of the Bureau.
He added, “Al Etihad Credit Bureau is striving to set a new global benchmark in the accuracy of credit data capture. This will support the Bureau in its role to provide reliable and thorough credit reports that add significant value to the way risk is assessed in the UAE financial industry.”
Established under federal law in 2010, Al Etihad Credit Bureau will collect, analyse, and circulate credit information for the issuance of reliable credit information reports. The Bureau is expected to enhance the UAE’s financial and regulatory infrastructure, and improve its consumer credit profile globally.
There has been much talk about establishing a UAE credit bureau over the past years. In fact, the Dubai government attempted to set one up in 2006, but failed because banks refused to reveal data about their clients.