The installation of the U.A.E federal credit bureau is on track and banks in the country will soon be able to access potential customer data for borrowing decisions, reports ArabianBusiness.com. The Al Etihad Credit Bureau was founded in February 2012 and is on schedule to launch later this year. The new system will allow the credit bureau to obtain information from financial institutions, telecommunications and government organizations to create credit reports for lenders and individuals. The reports will include data such as customer debt levels and financial activity. The legislative framework is continuing development and IT systems will soon be finalized.
“The full credit bureau services will be launched in phases to ensure a smooth integration of the new system, with the exact dates of rollout to be determined by the Federal Bureau once all research has been conducted and the relevant laws and infrastructure are in place,” said Obaid Humaid Al Tayer, minister of state for financial affairs and chairman of Al Etihad Credit Bureau, reports ArabainBusiness.com.
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