Al Etihad Credit Bureau begins to issue credit reports to individuals in the UAE

Al Etihad Credit Bureau (AECB), the federal government company mandated to implement and operate a credit reporting system across the UAE, has begun to issue credit reports to UAE citizens and residents. Individuals can now obtain their own credit reports by visiting the Bureau’s customer service centres in Abu Dhabi and Dubai, and providing their Emirates ID details.

The announcement was made during a press conference hosted by AECB and attended by the Bureau’s CEO, Marwan Ahmad Lutfi, in Abu Dhabi. The press conference marked the official launch of AECB’s headquarters in Abu Dhabi and the opening of its new customer service centres in Abu Dhabi and Dubai.

AECB has now completed the first phase of its operational roll-out, which included uploading 24 months of credit data from banks and financial institutions operating in the UAE to the Bureau’s database, for all individuals with bank accounts. This has ensured that banks, financial institutions and UAE residents can now obtain a copy of consumer credit reports, and make informed lending or borrowing decisions.

During his opening speech, Marwan Ahmad Lutfi, CEO of AECB, expressed his thanks to HH Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, and the UAE government, for their ongoing support of the Bureau throughout the various stages of its development.

Mr. Lutfi stated that since the establishment of the Bureau, AECB has achieved significant milestones. This includes uploading 90% of the consumer credit data provided by banks and financial institutions for the past 24 months. He stressed that the company database includes information for 2.8 million individuals, which represents 97% of the total credit active population of the UAE. This data features 6 million credit facilities of individuals living in the UAE.

To date, 43 banks and financial institutions have submitted their customers’ credit data, 29 of which have subscribed to AECB’s credit reporting services.

Lutfi said: “As of today, both financial institutions and UAE residents are able to obtain credit reports with a data accuracy rating of 99.5%, which surpasses international standards of credit data quality and accuracy. These credit reports will help individuals to understand their debt levels and have a clearer picture of their financial obligations. This will in turn enhance their ability to plan for future borrowing, and manage their finances responsibly.”

He added: “The credit reports will play a key role in helping banks and financial institutions to assess risk accurately, enabling them to make informed lending decisions and lower lending risks.”

Lutfi also reaffirmed that AECB is committed to strengthening the UAE’s financial infrastructure and enhancing transparency in lending. He stressed that the company is continuing to support the financial sector with tools that will improve their lending procedures, in line with international risk management standards.

Lutfi added: “We are working closely with our partners to ensure that Emirates ID details for all customers are provided to the Bureau by banks and financial institutions. We’ve also recently launched an awareness campaign to introduce the local community to the Bureau’s services.”

Mr. Lutfi concluded: “The Bureau will implement its second phase during the coming period. This includes issuing credit reports on all companies operating in the UAE, bounced cheque details and telecommunications companies’ payment information for the past 24 months. We will announce the launch of other services in the future, which will be implemented throughout various phases. Specific dates will be announced early next year.”

Credit reports issued by the Bureau include details about consumers’ debt levels, financial obligations, credit payments history and default payments for the past 24 months.

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