Coming next to the UAE, Identity theft.

“With the support of Emcredit’s reliable credit information on SMEs, this can translate into better opportunities and better access to credit, which in turn enhances their performance and spurs further growth in the economy.” So this is not a consumer credit reporting agency. Just a B2B service.

Not interested

what took them so long?

Good luck with getting incorrect data removed from your credit report. Even though they guarantee that emcredit will contact the data source within 48 hours. Its between the consumer and the data source to fix the incorrect entry on your credit report.

Disputed Information Notice
If the data subject feels that the information reported about them is inaccurate then they have the right to complete a Disputed Information Notice (DIN). Once the DIN has been completed, Emcredit will formally acknowledge the DIN and will then, within 48 hours, forward the DIN to the information source that provided the data. Emcredit does not become involved in any disputes between its data providers and data subjects. Emcredit has no ability to amend the disputed data.

quote taken from http://www.emcredit.com/yourrights.html

Thats pretty much how credit reporting agencies work around the world. The only problem is the consumer will be dealing with apathetic banks, who don't care about their customers. Any one care to share any happy stories about their dealings with banks feel free to.

In spite of all the things that can go wrong,(and stuff does go wrong in every credit reporting system around the world - so please refrain from needless sandland bashing), its a good thing that its finally there. Finally everyone can have a fair chance when it comes to getting credit. No more "salary certificate / Nationality" based credit limits and interest rates.

Another post :/

Data: means Personal Data [...] which shall include but not be limited to identity information (such as passport number, drivers license number, visa number), address details, name of credit provider, [...] as determined by Emcredit.

from : http://www.emcredit.com/glossary.html

Hopefully this means that the consumer will not have to give out multiple copies of the passport, labor card, Salary certificate, rental agreement, work certificate and the billion documents that every institution there asks for to accomplish the smallest of tasks.

Wonder if they will start giving out a unique number like a SSN to people to make their life easy.

Wonder if they will start giving out a unique number like a SSN to people to make their life easy.

Yep - and once they've done that, they'll introduce taxation! :-)