First credit bureau to benefit UAE borrowers and lenders

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By  Published  November 30, 2006

The UAE's first credit bureau has been launched, a move that will enable financial insitutions to access accurate credit information about borrowers.

Emcredit, the first independent credit information company in the UAE, was officially launched on November 26.

The project was incorporated as an independent enterprise under the direction of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president, prime minister and ruler of Dubai, having been initiated by the Department of Economic Development (DED).

The bureau collates information on borrowers and provides it in real time to lenders to help support their decision-making processes.

Bashar Saleh Qallab, CEO of Emcredit, said: "Technology is the backbone of Emcredit's operations.

“This is a fully online business which enables us to cater to the advanced technical needs of our clients.

“We provide information over our state-of-the-art technology platform that allows our clients to access a wealth of information almost instantly.

“Our turn-around time for performing a credit check is under three seconds."

Emcredit's technology platform has been set up by Dun & Bradstreet, which has been involved in creating credit bureaus around the world.

Currently, Emcredit can provide credit information solutions to its members, known as private network partners, and is set to introduce a range of commercial and consumer value-added products in the near future.

The bureau is located at Dubai International Financial Centre (DIFC) where it operates under a data protection law, facilitating effective data sharing and privacy protection for individuals.

Emcredit collects data from its private network partners as well as from other external sources.

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