Wed 31-03-2021 19:26 PM
ABU DHABI, 31st March, 2021 (WAM) -- Al Etihad Credit Bureau (AECB) today announced it has started including financial obligations ordered by Ras Al Khaimah Courts Department in its credit reports.
The move, which sees RAK Courts become the first court in the UAE to provide credit information to the company, is part of AECB’s commitment to increase credit awareness and deepen the credit information shown in its credit reports.
AECB is currently in technical discussions with several courts in UAE to provide the obligations of the convicted parties in civil cases and the status of payments related to the parties of execution in financial claims cases periodically. This will contribute to improving the comprehensiveness of credit reports for individuals and companies.
Marwan Ahmad Lutfi, CEO of AECB, said, "Our efforts to show credit information from the courts is in line with AECB’s strategy to collect all types of financial obligations as described in the new definition of credit information in the recently-amended Credit Information Law. Our cooperation with RAK Courts Department reiterates AECB’s commitment to enhance credit awareness in the UAE through cooperation with the relevant federal and local government entities."
Lutfi added that credit behaviour related to financial obligations and payments in non-banking sectors will enrich the credit reports, thus enabling subscribers to better assess the creditworthiness of their customers. This is because banking and non-banking credit obligations, such as court-ordered financial obligations and balances and payments of monthly telecommunications, water and electricity bills are going to appear in credit reports.
Counselor Ahmed Muhammad Al-Khatiri, Head of Ras Al Khaimah Courts Department, said, "This initiative supports the UAE's vision to be among the world’s most developed countries by providing the best comprehensive government services and practices. RAK Courts Department has shared approximately 8,000 cases related to financial information owed to nearly 7,000 individuals, and more than 2,000 companies, with AECB. This helps achieve the strategic goals of the Emirate in providing tools for verifying and preserving rights, profits and business prosperity."
Upon completing the connection and receiving the information from RAK Courts, AECB developed its system to enable Credit Reports and Scores access using Arabic language – in line with the courts' Arabic-written information. This will allow AECB’s subscribers to obtain court information in the credit report in addition to the information currently included in it.
The company’s database currently includes more than 10 million individuals and nine hundred thousand companies.