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DUBAI / WAM
The Al Etihad Credit Bureau (AECB) said the number of customers whose credit reports include monthly salary information has reached 3.71 million at the end of the first quarter of 2024.
Marwan Ahmed Lutfi, CEO of AECB, told the Emirates News Agency (WAM) that the total number of credit report and score requests doubled over the past few years, from one million in 2015, the year the bureau officially launched, to more than 10 million in 2023.
When it began operating, the bureau offered its services to banks only, but in line with its technology and data policies, it now provides data, solutions, and products to various economic, consumer, and government sectors, reaching 20 percent of the total credit reports and scores is issued in one year, he added.
He then pointed out that 101 entities, including banks, finance companies, telecommunications companies, state courts, the Emirates Water and Electricity Company, the Abu Dhabi Distribution Company, and the Al Ain Distribution Company, provide the bureau with credit information.
Lutfi explained that information on financial obligations is a key factor that financial institutions and government agencies rely on to assess the creditworthiness of customers and conduct risk assessments to direct administrative resources and improve internal policies and procedures.
The AECB is keen to paint a comprehensive overall picture when issuing reports and is still continuously developing mechanisms for writing credit reports, he stressed.
Salary data is a key input for writing a credit report and gives various stakeholders a comprehensive picture of the credit status of customers and their ability to repay their obligations more accurately, he added.
This comprehensive picture is not limited to obligations towards credit facilities granted by banks only, such as loans and credit cards, but it includes basic financial obligations in a person’s life, such as electricity and water bills, telecommunications service bills, and rental obligations, Lutfi said in conclusion.