Credit reporting group holds first meeting
Member companies discuss ways to facilitate sharing of credit data
Members of the recently-formed Middle East Credit Reporting Association (MECRA) have held their inaugural meeting to review their strategy of promoting the regional credit reporting industry and supporting the development of credit bureaus through the exchange of information.
The meeting was attended by all four founding members of MECRA as well as two new members: i-Score from Egypt and Experian from Morocco.
"The dynamic nature of the region's resident population and interconnected business environment calls for greater co-operation between regional credit bureaus," said Ali Ibrahim, managing director of UAE-based Emcredit.
"As economies across the region move towards a period of sustained recovery and long-term stability, we are confident that a knowledge-based economy created by credit bureaus will ensure sound recovery. MECRA will greatly benefit the development of credit bureaus in the region," he added.
MECRA aims to explore initiatives for the exchange of credit information on individuals and commercial entities between its members within the guidelines of each bureau, as well as the local laws and regulations of each country. It will also serve as a platform for sharing best practices.
Although the members are not exclusively focused on the technology sector, the IT channel is potentially one of the sectors that could benefit from a closer co-operation between domestic credit reporting agencies.
Nabil Mowais, executive director at Credit Chex, says members used the first official meeting to examine recent trends, challenges and opportunities for the association's role in boosting regional credit information services.
"We encourage other regional credit bureaus to join the association that is set to become the unified voice for all credit reporting agencies in the region," he said.