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Emcredit

Since its establishment in 2006, Emcredit, the UAE’s pioneer information services company, has adopted the highest credit reporting standards. Today, Emcredit holds 30 per cent coverage of banking data, 9 million consumer identification records, and payment behaviour information on consumer and commercial borrowers. Emcredit provides a range of comprehensive, accurate and timely information solutions, such as credit bureau services, cheque-honouring reports, business background reports and other risk-assessment tools. The company has established data-sharing agreements with a range of government departments to empower its information solutions, including the Abu Dhabi Department of Economic Development, Dubai e-Government, Dubai Police, Dubai Department of Economic Development, Dubai Land Department and its subsidiary, the Real Estate Regulatory Authority. Emcredit has more than 20 banking and non-banking members that benefit from its services. Emcredit also has built a robust technical infrastructure, and has developed a number of credit reporting services for both the banking and non-banking sectors. In the World Bank "Doing Business Report 2009," Emcredit was instrumental in raising the UAE’s rank from 116 to 68, an increase of 48 places in the "Getting Credit" criteria. This resulted in an improvement of the UAE’s rank by eight places, from 54 to 46, in the overall "Ease of Doing Business" rankings. In its latest UAE report regarding ease of Doing Business in the UAE, and as part of its recommendations in the Getting Credit criteria, the World Bank highlighted Emcredit’s several operational and infrastructure elements that meet international standards. Emcredit was also a founding member of the first Middle East credit reporting association, MECRA, established in Dubai in November 2009. MECRA was licensed by the Dubai Department of Economic Development as a non-profit organization with the objective of promoting credit reporting in the region. The company plans to develop and launch new reporting services in the coming term, including reporting services on commercial payment behaviour, services that allow individuals to review and manage their own credit profiles and credit scores that predict the borrower’s future payment behaviour and creditworthiness.

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