UAE credit bureau issues first reports

Al Etihad Credit Bureau, a federal government institution, has started issuing consumer credit reports to banks and financial institutions.

Individuals will be able to get their credit reports shortly.

The bureau is currently issuing credit reports to banks/FIs that have submitted historical credit data to the bureau and subscribed to access the credit reporting system.

The credit report will include consumer’s debt obligations and payment behaviour patterns for the past 24 months, the bureau said in a statement.

“These reports will no doubt contribute positively to the banking sector, playing an important role in the assessment and management of credit and possible losses resulting from non-performing loans,” it added.

Customers will shortly be able to request their credit reports through the bureau’s customer service centres in Abu Dhabi and Dubai.

Individuals will in turn, be able to have a comprehensive overview of their current financial obligations and debt payment frequency and consistency over the past two years, the statement said.

No information was, however, given on the charges.

For an individual to obtain his/her credit report, the following documents are required:

- Original Emirates ID card of the applicant

- Passport copy of the applicant

In case of authorization, one must bring

*copy of valid Emirates ID card and passport of the customer (owner of the credit report)

* Original Emirates ID card of the authorizes person to receive the credit report

* Original notarized power of attorney with the authority to obtain credit facilities or a notarized authorization letter from the bank

* Credit report consent form (individual) duly filled in and the documents as mentioned above duly attached

Emirates 24|7 reported earlier five ways to improve your credit score in UAE.

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