“Further strengthening our credit registry is in line with our commitment to enable lenders, individuals, businesses, government entities, and the general public to make informed credit decisions based on a comprehensive set of data,” says AECB CEO.
Abu Dhabi, UAE: Al Etihad Credit Bureau (AECB), a UAE federal government entity that provides information and analytics to support credit decisions, has collaborated with the Ministry of Justice to expand its credit registry to include court-imposed legal financial obligations, with the aim of providing lenders with more holistic information about companies and individuals.
The UAE Ministry of Justice is responsible for regulating and supervising the administrative and financial affairs of the nation’s federal court system. The Ministry of Justice 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.
The strengthened credit registry underscores AECB’s commitment to providing comprehensive reports based on data and analytics that enable lenders, individuals and businesses to make informed credit decisions.
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.”
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 is the go-to-source for comprehensive information on the credit history of individuals and businesses.
About Al Etihad Credit Bureau
Al Etihad Credit Bureau is a Public Joint Stock Company wholly owned by the UAE Federal Government. The company was established as per UAE Federal Law No. (6) of 2010 concerning Credit Information and its amendments in Federal Decree Law No. (8) of 2020. Al Etihad Credit Bureau is mandated to request and organise the collection, preservation, analysis, classification, use and dissemination of credit information and is authorised by law to perform these activities. The information then produced into a variety of credit-related products in a fully digital process.