“Credit information”: appears in the credit report for up to 5 years

The information of returned checks provided by the Central Bank may not be requested to be corrected

The percentage of returned checks ranged between 3 and 4%.

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Al-Etihad Credit Bureau stated that the returned check information, which is provided by the Central Bank, (the company), may not be requested to be corrected, since it is part of the unified check clearing system in the country. By banks and other financial institutions, by sending a request through the company’s website, confirming that the returned check information appears in the credit report up to five years later.

This came in a clarification of the company on its website, among the frequently asked questions among dealers.

The Central Bank started operating the check clearing system using its images in July 2008, and it currently provides the ability to collect the check on the same day.

The number of checks collected daily through the system is about 97,000, with a value of approximately 3.8 billion dirhams, while the percentage of returned checks ranges between 3 and 4%.

In addition, Al-Etihad Credit Bureau yesterday also sent text messages to its registered customers, urging them to take advantage of the "Cheque Evaluation" application, which was officially announced last February, after a trial period that extended for several months.

According to the application, the company provided 20 answers to the most common questions among customers, in which it indicated that the evaluation price is 10.5 dirhams, explaining how to scan and download the check, as well as what to take in the event of errors or failure to receive the evaluation.

The check assessment is the latest service of Al Etihad Credit Bureau. It is a smart indicator that ranges in percentages from 1 to 99%, and indicates the extent to which the check is likely to be returned within the next nine months, and represents an important tool for assessing the risks of accepting or rejecting the check, especially for institutions. SMEs, which cannot afford late or never paid payments.

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