UAE credit bureau to commence operations next month

May 11, 2014 12:33 am

The UAE’s long-awaited federal credit bureau is set to start work in June, providing financial institutions with data on the population in the latest move to limit the risks of a new credit bubble, Reuters has reported. The chief executive of the Al Etihad Credit Bureau, which was first announced last year, has said the new federal body has so far collected 22 to 24 months of data from around 70 credit data providers like financial institutions, telecommunication companies and various government bodies in the country. “I’m confident that May will be a productive and successful month in terms of uploading data. We are hopeful that banks will increase their efforts in submitting correct data formats and that comprehensive reports will be readily accessible around June,” said Marwan Lutfi.