Mohammed mandates Emcredit authority

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued decree No8 of 2010, which identifies the Emirates Credit Information Company (Emcredit) as the appointed body for providing credit information services in Dubai. The decree mandates Emcredit to comply with the criteria and instructions stipulated by the Dubai Department of Economic Development (DED) and with the instructions and guidelines issued by the Central Bank.

This decree lays out the legal and operational framework for Emcredit, the UAE's pioneer credit bureau, and mandates Emcredit as the entity responsible for providing credit reporting services in the emirate, with the task of collecting, storing, ana?lysing and giving out data.

This decree is the result of Sheikh Mohammed's keen interest in enhancing transparency in Dubai's economic sectors as well as creating legislation to further develop the credit reporting industry in the emirate.

This decree is a strong move towards complementing Dubai's economic infrastructure, driving growth and improving the assessment capabilities of lenders.

Decree No8 is in line with the government's vision of supporting small and medium enterprises and reducing obstacles to accessing credit. The decree will play a significant role in fostering an environment conducive to data sharing. The decree also mandates all credit data providers, such as banks, financial firms and government bodies in Dubai, to provide Emcredit with all the information required by it.

The decree mandates the company not to use or disclose credit information in its possession to others, except in accordance with the provisions of this decree; to uphold the company's information security and protect information from any loss, damage, illegal or unsafe access, use or amendment, including having disaster recovery and data back-up systems; to establish a regularly updated database containing all matters related to credit information and credit information reports; and to prepare accurate, real and documented credit histories.