In the areas it covers including Ajman, Umm Al Quwain, Fujairah and Ras Al Khaimah
Adding "Etihad Water and Electricity" bills data to credit reports
Al-Etihad Credit Bureau announced the inclusion of the main data for the electricity and water utility bills provided by the Union Water and Electricity Company to customers in the areas covered throughout the UAE, including the emirates: Ajman, Umm Al Quwain, Fujairah, and Ras Al Khaimah, to become part of the information The alternative contained in the credit reports of individuals and companies.
Contracts and dealers
And the “Etihad Credit Bureau” stated in a statement that the Union Water and Electricity Company is one of the most active and widespread utility service providers in the UAE, with more than 410,000 active contracts, covering more than 280,000 individuals and companies.
Al-Etihad Credit Bureau explained that it has recently added the financial obligations resulting from utility bills issued by the Union Water and Electricity Company and the corresponding customer data to its credit record, as part of its commitment to expand the data of its credit information record, to include current payment obligations in the non-financial sectors, which will lead to Ultimately in the interest of users of credit reports and assessments in the country.
Al Etihad Credit Bureau explained that this step confirms its commitment to consolidating its leadership role and its vision to enhance credit stability in the UAE, by increasing the comprehensiveness of credit reports, which in turn helps users to make better decisions.
Better decisions
Marwan Ahmed Lutfi, CEO of Al Etihad Credit Bureau, said: “Our cooperation with the Union Water and Electricity Company is in line with our continued commitment to expanding the use of advanced products provided by (Al Etihad Credit Bureau), allowing a wider segment of individuals and companies to add alternative information to their credit records.” .
He added: “The process of adding data for utility services provided by the Union Water and Electricity Company will enable subscribers and users to make better credit assessments and decisions based on new data, in addition to the credit information currently received from banks, financial institutions, telecommunications companies, and water and electricity providers in local governments. and other service providers.
enhance competitiveness
For his part, the Director General of the Union Water and Electricity Company, Muhammad Muhammad Salih, said that the cooperation concluded with Al-Etihad Credit Bureau, through which it will be possible to include data related to electricity and water service bills, to become part of the information contained in the credit reports of individuals and companies, represents a contribution. From the Union Water and Electricity in the efficiency of the aforementioned reports and raising the degree of their reliability and reliability, which enhances the quality of local services and increases the efficiency of financial transactions.
He stressed that this reflects positively on the strategic objectives, and as a whole is in the interest of the national economy, in addition to consolidating the country's position in the relevant international competitiveness indicators.
Saleh explained that cooperation is in line with transparency, which is a core value of the Union Water and Electricity, and is in line with the company's policy aimed at developing a culture of data exchange and enhancing prospects for cooperation with our various partners.
He pointed out that the data that will be made available through cooperation with Al-Etihad Credit Information Company, is public data that is negotiable in nature, with a commitment to protect the privacy of data and information worthy of maintaining its confidentiality, in accordance with the terms of the contractual relationship with “Etihad Water and Electricity” customers.
alternate data
Al-Etihad Credit Bureau confirmed that it will continue to work on improving the credit report forms, using an alternative data set, as the credit report takes into account the alternative data added by the Al-Etihad Credit Bureau within the calculation process for individuals and companies, which includes: the monthly salary, and the record of checks that were made. Disbursement and returns, and the obligation to pay the monthly bills for each of the telecommunications companies, and the water and electricity service providers.
Thus, the company builds the credit history of these individuals or companies as soon as it receives this data from the information providers.
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