Al Etihad Credit Bureau strengthens credit registry in collaboration with UAE Ministry of Justice
Al Etihad Credit Bureau (AECB), a UAE federal government entity that provides information and analytics to support credit decisions, is collaborating with the Ministry of Justice to expand its credit registry to include court-imposed legal financial obligations.
AECB’s credit reports are growing in popularity as banks, financial institutions, telecommunications service providers, and government agencies, as well as a growing number of businesses, rely on them to make informed credit decisions. AECB continually works to improve its credit reports by collecting and analysing data on the credit histories of individuals and businesses, including cheque issuances, cheque clearances, telecommunications payments, and payments for water and electricity. By consolidating the data received from the various data providers, the bureau provides comprehensive information on the credit history of individuals and businesses.
The UAE Ministry of Justice is responsible for regulating and supervising the administrative and financial affairs of the nation’s federal court system. It also handles all other legal matters in the various federal ministries and prepares and implements the main laws governing civil and commercial disputes.
To date, the Ministry has issued more than 36,000 active judgments in cases imposing payment obligations, affecting a total of more than 84,000 individuals and companies.
Marwan Ahmad Lutfi, CEO of AECB, said: “AECB’s credit registry, now expanded to include court-imposed financial obligations, is the result of a two-year effort in which the bureau worked closely with the UAE Ministry of Justice. At AECB, we believe this expansion of data and analysis will deepen the scope of our credit reports and provide a comprehensive view of an individual or company’s creditworthiness. Most importantly, it will enable lenders to better assess credit risks, such as the borrower’s ability to meet credit obligations or make future payments.”
Source: Gulf Business