Your total personal bank debt in UAE goes 'live' this September

Al Etihad Credit Bureau has announced that it will begin issuing consumer credit reports to financial institutions which have submitted historical credit data to the bureau, from the beginning of September.

The credit reports will include records about consumers’ debt levels, financial obligations, credit payments, history of default payments and late payments, it said in a media statement issued on Tuesday.

About 5.2 million credit facilities of individuals residing in the UAE have been added to the bureau’s credit reporting system. This represents 97 per cent of the total credit facilities provided by local and international banks and financial institutions operating within the UAE, including credit card and loans.

To date, Al Etihad Credit Bureau has completed the process of uploading six months of credit data and information collected from banks and financial institutions to its credit reporting system. Banks and financial institutions will have access to their customers’ recent and up-to-date credit reports and will be able to evaluate them before making any lending or financial decisions.