Etihad Credit Bureau has confirmed that the inquiries of banks about companies before granting any financing or renewing or scheduling their loans are mandatory, as is the query on individuals.
The company stated that the credit report currently includes information from banks, financing companies and telecommunications companies, while preparations are underway to add the obligations of individuals and companies to the courts, as well as those owed to the electricity and water providers in the country.
In detail, Etihad Credit Bureau reported, in response to inquiries to «Emirates Today», that the Central Bank in accordance with its notice No. (238/2017) on the fifth of September 2017, obligated all banks and finance companies to request the credit report of each individual or company before Granting, renewing or scheduling any credit facilities.
The company indicated that the credit report currently includes information received from banks, financing companies and telecommunications companies, indicating that it will include additional information, such as obligations with the courts and electricity and water providers in the country and other destinations. The company did not specify a specific date for adding the obligations of individuals and companies determined under judicial rulings or what they have to the water and electricity providers in the country, but she said that "this step comes after the information is comprehensive."
The company confirmed that the data is updated on a daily basis by information providers from banks and financing companies, and for information providers from other sectors, the information is provided and updated on a monthly basis. She added: “If the data in the report is out of date, the customer must first make sure that his data is correct with the information provider, as the customer can identify the provider of each information through the Provider Code that appears next to each information in the credit report.”
The «Credit Information Union» explained that each credit report includes a list of codes at the end of the report to identify the provider of the information, pointing out that in the event that the information provider is not updated, the customer can contact the credit information company’s contact center at (800-287328) ) To register an information correction request, to be followed up with the entity provided by the company.
- update data by information providers from banks and finance companies daily.