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Bank customers in the UAE will have access to their credit reports by the end of this year, according to head of Al Etihad Credit Bureau.
The bureau has already finished gathering 98% of two years’ customer data from 70 financial institutions that lend to individuals in the country, and expects to complete the work before this year end, reports The National.
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Clients would be allowed to access their credit reports for a fee before the end of the year.
Marwan Ahmad Lutfi, CEO of Al Etihad Credit Bureau, said: "The easy money is specifically targeted at UAE nationals. What happens with UAE nationals is that the system has to deal with it. That’s why you’ve seen a lot of intervention, whether from the government or the central bank to alleviate a lot of the debt from UAE nationals. One of the major focuses is to make sure we don’t indebt the UAE national population."
Lutfi opined that the move will help prevent another boom-and-bust cycle, will promote financial responsibility among consumers and enhance their knowledge on taking debt.
The bureau is developing a database of all retail borrowers’ credit history, which will help banks gain accurate insight of a potential borrower’s indebtedness, and enable them to evaluate the borrower’s ability to honour the debt.
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By GlobalDataAt present, banks are unable to check the credit history of customers associated with other lenders.
