Al-Etihad Credit Bureau revealed that the number of customers with monthly salary data included in their credit reports reached 3.71 million by the end of the first quarter of 2024.
Marwan Ahmed Lutfi, the General Director of Al-Etihad Credit Bureau, disclosed to the Emirates News Agency (WAM) that there has been a significant increase in the demand for credit reports and evaluations over the years. The total number of requests has soared from one million in 2015, the year of the company’s official launch, to over 10 million credit reports and evaluations in 2023.
Initially catering exclusively to banks, the company has expanded its scope by leveraging its technology and data policies to provide solutions and products to various economic, consumer, and governmental sectors. These sectors now account for 20% of the total credit reports and evaluations issued annually.
Lutfi highlighted that the company receives credit information from 101 entities, including banks, finance companies, telecommunications firms, federal and local courts, and utility providers such as the Al-Etihad Water and Electricity Company, and the Abu Dhabi and Al Ain Distribution Companies.
Financial institutions and government agencies heavily rely on information about financial obligations to assess customers’ creditworthiness and manage risks effectively. Al-Etihad Credit Bureau aims to offer a comprehensive view of customers’ credit status by incorporating salary data into credit reports. This enables stakeholders to evaluate customers’ ability to meet their obligations accurately, including not only loans and credit cards but also essential financial commitments like utility bills and telecommunications services.
Al-Etihad Credit Information Company provides evaluation services and detailed credit reports for individuals and businesses. The credit rating, represented by a triple-digit number ranging from 300 to 900, indicates the likelihood of individuals or companies failing to meet financial obligations within the next 12 months.
