The UAE’s new credit bureau, Al Etihad, has confirmed that it will start to roll out phase one of the UAE’s credit reporting system from July 2013.
Al Etihad Credit Bureau itself is expected to fully operational in July 2013, with recruitment to key positions, reportedly, well underway already.
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Till now, UAE banks have been unable to access consumer data at other financial institutions when lending, but Al Etihad Credit Bureau’s new system aims to enable lenders to use credit scores drawn from a database.
IT platform for the bureau has been purchased from CRIF, a firm specialising in loan origination and lending software.
The credit bureau will start collecting information on individuals’ credit applications, payment behaviour and debt records not just from the banks, but also from telecommunications companies and utility services in phases.
The bureau plans to initially compile a comprehensive database of individual borrowers, allowing it to provide their credit information for the preceding 24 months, with details of any defaults that might have occurred over the preceding five years.
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By GlobalDataIt will also contain another commercial database containing financial information on borrowing by government companies.
Deputy chairman of Al Etihad Credit Bureau, Al Khoori, said: "Information will be collected regardless of the solution. We are collecting information directly from the banks — individual ratings will happen regardless of the solution provided outside."
The final phase is expected to be completed by July 2014.
