" credit union" : Salary information for 3.71 million customers included in credit reports in the Emirates
Dubai, May 3, WAM / Al-Etihad Credit Information Company said that the number of customers whose credit reports contain monthly salary data reached 3.71 million customers at the end of the first quarter of 2024.
Marwan Ahmed Lotfy, Director General of the Credit Bureau, confirmed to the Emirates News Agency, WAM, that the total number of requests for credit reports and evaluations has doubled over the past years, from one million requests for reports and evaluations in 2015 – that is, the year in which the company’s products were officially launched – to more. From 10 million credit reports and evaluations in 2023.
He said that the company began providing its products to banks only, but by consolidating the company’s policy in the field of technology and data, it began providing data, solutions, and products for several economic, consumer, and governmental sectors, and their uses reached 20% of the total credit reports and evaluations issued by the company in one year.
The Director General of Al-Ittihad Credit Information Company pointed out that the number of entities that provide the company with credit information has reached 101 entities, including banks, finance companies, telecommunications companies, all federal and local courts, the Al-Ittihad Water and Electricity Company, and the Abu Dhabi and Al Ain Distribution Companies.
He explained that information about financial obligations is one of the most important factors that financial institutions and government agencies rely on in assessing the creditworthiness of customers and establishing the principle of studying risks in directing administrative resources and improving internal policies and procedures.
He added that Al-Etihad Credit Information Company is keen to build an integrated and comprehensive picture when building reports, and is still working continuously to develop the mechanisms for building credit reports.
He pointed out that salary data was one of the basic inputs that contribute to building the credit report and giving the various stakeholders a comprehensive picture of the credit status of customers, with the aim of helping to assess their ability to pay their obligations more accurately, and this comprehensive picture is not limited to the obligations towards the credit facilities granted by Before banks only such as loans and credit cards, but include the basic financial obligations in a person’s life such as electricity and water bills, telecommunications services bills, and soon rental obligations.
It is noteworthy that Al-Etihad Credit Information Company provides evaluation services and credit reports for individuals and companies, and while the report includes all credit information in detail, the credit evaluation is a triple number that indicates the extent of the probability of an individual or company failing to pay financial obligations on time within the next 12 months, and it ranges Customer evaluation is between 300 points, which is the minimum, and 900 points, which is the maximum.
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