Dubai: Credit bureau enquiries by subscribers increased by 44 per cent compared to the previous year, according to Marwan Ahmad Lutfi, CEO of Al Etihad Credit Bureau.
“Data provided by Al Etihad Credit Bureau is becoming a core part of the Financial Institutions’ decision making process” Lutfi said.
Al Etihad Credit Bureau (AECB) held its Subscriber Forum recently in Dubai. Representatives from its 64 subscribers throughout the UAE attended the event. Following the launch of the credit score on April 17, the Bureau said that more than 64 per cent of credit reports requested are with the credit score and it was encouraging to hear subscribers explaining how they are already making the credit score an integral part of their decisioning systems.
At the forum, Daniele Lavalle, senior manager product development & data operations at AECB, led a session on data acquisition and correction. While the data availability and quality has improved significantly, the Credit Bureau acknowledged the efforts of institutions.
While RAKBank was given the award for best data accuracy, Citi bagged the award for best correction and Dunia Finance was recognised for best data correction tool usage.
Following this session, Ian Hodges, senior adviser at AECB, discussed the benefits that the bureau’s products and services are adding to the banks’ risk assessment and decision-making process. Hodges also announced that the soon to be launched Benchmark Report would allow the banks for the first time in the UAE to accurately compare their performances to the overall market and their peers.
Going forward, Lutfi said AECB’s plans include new products, non-financial data sources, improving the bureau’s IT infrastructure and enhancing customers’ experience in collaboration with banks.
