Dubai: The UAE banks and financial institutions have not submitted necessary credit information to Al Etihad Credit Bureau, which the bureau needs for its reports, it has said.
In statement released on Thursday, the bureau, which is a federal government company providing credit reports on individuals and corporates in the UAE, said the National Bank of Fujairah is the only bank to have submitted accurate and reliable credit data for the past five years.
“Despite the continued efforts by banks to provide their credit data, a large number of them have not yet fully completed the process of providing the past 24 months of credit data,” it stated.
Remaining banks have been urged to provide their credit data as soon as possible.
The bureau stated that it has completed all the requirements for issuing credit reports, including establishing links with all financial institutions and complete internal and external risk assessments.
It also “highlighted the need for banks and financial institutions operating in the UAE to use Emirates ID, the only valid form of identification for all individuals residing in the UAE, in all customer transactions and operations. This will ensure that the Bureau’s record matching process is 100 per cent accurate.”
