ABU DHABI, Al Etihad Credit Bureau (AECB) today announces it has started including court-ordered payment obligations from Dubai Courts in its Credit Reports, upon completing system integration between both parties.
This is in line with the company’s implementation plan of the Federal Decree Law No. 8 of 2020 regarding amendments to the Federal Law concerning Credit Information, in cooperating with a range of federal and local government data providers to enrich Credit Reports and increase credit awareness in the UAE.
Dubai Courts is one of the most active courts in the UAE in terms of the number of court cases. To date, the court has more than 53,962 active judgments in cases that impose payment obligations, including over 37,495 for individuals and 62,455 for companies. AECB started the process of adding courts data in Q1 of 2021, reaffirming its role in expanding the credit register to include payment obligations from non-financial sectors on individuals and companies in the UAE. All of which echoes AECB’s commitment to support the stability the UAE’s credit marketplace.
Marwan Ahmad Lutfi, CEO of AECB, said, “Our cooperation with Dubai Courts will act as a springboard to deepen the comprehensiveness of AECB Credit Reports to include payment obligations residing within UAE Courts. Creditworthiness of individuals and companies are affected by their ability to repay on financial obligations, and by including this new information on top of the existing bank-related credit information, banks, telecom operators, service providers and other subscribers and users will be able to make better credit assessments and decisions.”
Taresh Al Mansouri, General Manager of Dubai Courts said that Dubai Courts have completed, through the (Dubai Pulse) Platform, in cooperation with Dubai Digital and Al Etihad Credit Bureau, the process of credit Data exchange and integration. “This is in line with Dubai Government policy aiming to develop the process of exchange of information between governmental and private entities and evidence-based decision-making; support the culture of information exchange, through using and reusing the same information, beside protection of confidential information; achieve the UAE vision in becoming the first country in providing best governmental services to achieve people’s happiness, harmonisation and integration between governmental and local services; increase efficiency of federal governmental services in terms of quality, speed, simplification of process and raising competitiveness indicator of the UAE; achieve Dubai’s vision of becoming the happiest city, and support decision-making process at federal and local governments; and implement Dubai’s plans and strategic initiatives efficiently.”
“This contributed to achieving the Country’s strategic objectives in providing investigation tools, protection of rights and accomplishments, besides growth of business,” he added.
Al Etihad Credit Bureau has started the gradual process of onboarding UAE Courts to enrich its credit register, which currently includes more than 11 million individuals and one million companies.
Source: Emirates News Agency