Bank warns of hurdle to success of UAE credit bureau

A federal credit bureau has moved a step closer with the registration of all residents by the Emirates ID Authority.

But bankers have warned further progress could be impeded unless banks are willing to share the credit scores of their customers.

Lenders must trust each other and share data to speed the establishment of a federal credit bureau, said Farhad Irani, the head of Mashreqbank's retail banking group.

Banks' reticence to share information on their most creditworthy customers could be one factor inhibiting the collation of detailed credit scores, said Mr Irani, who took part in Indonesia's efforts to establish a credit bureau during the past decade.

Read more: http://www.thenational.ae/thenationalconversation/industry-insights/finance/bank-warns-of-hurdle-to-success-of-uae-credit-bureau#ixzz2KklEGCOu