UAE residents warned credit bureau will lead to years of financial difficulty for some customers | The National

UAE residents warned credit bureau will lead to years of financial difficulty for some customers | The National:



"One of the UAE’s top bankers has warned that some customers face years of financial difficulty, with the possibility of a significant increase in the level of personal defaults, as a result of the new credit checking structure to be introduced later this year.



AbdulAziz Al Ghurair, chairman of the UAE Banks’ Federation and chief executive of Mashreq, told The National that up to 7 per cent of customers could default on their financial obligations once the Al Etihad Credit Bureau, the UAE’s new assessor of individual and corporate credit-worthiness, is in place.



The new body aims to coordinate data on loans, credit cards and other lending by the country’s 52 banks, in a bid to cut down on excessive borrowing."



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