The Qatar Credit Bureau that operates under the supervision of Qatar Central Bank (QCB) is set to expand its activities. The Credit Bureau is planning to add more members and services.
“We are adding new services to our bureau. The credit score models exclusively for commercial and SME customers are under process. We are collecting more details from commercial credit side for developing new product, finding trustable resources and high quality data will be the main challenge’, QCB said in its latest ‘Financial Stability Report”.
By definition, a credit bureau is a system that benefits customers, lenders and economy by increasing credit access to all eligible customers, reducing credit losses by supporting lenders and increasing country’s banking stability by monitoring risks. The QCB established the Credit Bureau in 2008 and it became operational in March 2011 with 21 members. Currently, its total number of members is 23. The Bureau’s activities include collecting and maintaining credit information. It shares it with banks and financial institutions in order to assist them in undertaking credit evaluations and credit risk worthiness assessment.
It also provides the banking sector with analytical data to support the implementation of advanced techniques in risk management. Qatar Credit Bureau collects and maintains credit information from its member institutions.
Source: The Peninsula Qatar
