(MENAFN- Khaleej Times) Al etihad credit bureau has asked the banking and financial institutions to submit their customers? credit data for the past two years.
the bureau’s board of directors which met in dubai has also asked to submit borrowers emirates id details.
“despite the continued efforts made by banks to provide their credit data a large number of them have not yet fully completed the process of providing the past 24 months of credit data” says a statement issued by al etihad credit bureau whose 22nd meeting was held under the chairmanship of obaid humaid al tayer minister of state for financial affairs who is also chairman of al
etihad credit bureau.
the board appreciated national bank of fujairah for its support and cooperation as it is the only bank to submit accurate and reliable credit data for the past two years. the board of directors has urged remaining banks to follow suit and provide their credit data as soon as possible.
moreover the board highlighted the need for banks and financial institutions operating in the uae to use emirates id the only valid form of identification for all individuals residing in the uae in all customer transactions and operations. this will ensure that the bureau’s record matching process is 100 per cent accurate.
the board discussed the bureau’s readiness to start operations following the publication of its by-laws in the official gazette.
the directors discussed the latest developments of its system and confirmed the bureau’s readiness to start operations. they reviewed the internal auditors’ reports and approved the audited financial statements for 2013. the comprehensiveness of the bureau’s credit reports relies upon the banks’ submission of credit data within the stipulated timeframe.
as part of its operational readiness the bureau has successfully fulfilled all of the requirements for issuing credit reports including establishing secure links with all financial institutions and completing internal and external risk assessments.
— haseeb?khaleejtimes.com
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