UAE residents bad at organizing their finances might be in for trouble with the Al Etihad Credit Bureau supplying banks consumer credit reports as of September 2014.
The credit bureau has finalized their collection of six months' worth of consumer data from banks across the UAE, including insights on debt levels, credit payments, late payments and more. So basically, the bureau knows what you have been up to in terms of loans.
What that means for your financial future is fairly simple. Whatever financial institution you might be approaching for a loan in the future, now has access to your credit history and can evaluate their decision on whether to grant you the loan or not, with official data in hand.
With the aim of reducing credit losses and giving companies and consumers an awareness of their financial situation including their debts, the Al Eitihad Credit Bureau will offer financial instructions access to existing and potential customers' credit reports. Phase two of the bureau's planned operations will then vice versa also offer consumers an insight into their own data via customer service centres that are planned to launch soon.