Al Etihad Credit Bureau will be able to score more than 90% of the individuals and companies

Al Etihad Credit Bureau will be able to score more than 90% of the individuals and companies

 Al Etihad Credit Bureau (AECB) announced that the Credit Score will be further enhanced to increase scoring capability to over 90% of the 13 million individuals and companies present in its credit registry - up from 70% previously. The alternative data sources used in the updated Credit Score calculation allows a broader number of individuals and companies to build a credit history in the country, thereby benefitting from a range of products and benefits offered to customers as now even customer without bank borrowings will be scored based on other factors. 

“Financial organizations and other institutions rely on AECB’s data to make informed decisions with regards to their customers,” explained Marwan Lutfi, Chief Executive Officer of AECB. “Therefore, it is an imperative for us to continuously upgrade our methodologies and inclusivity is key to that aim.  Previously, approximately 30% of the individuals and companies listed in the AECB credit registry were non-scorable due to lack of borrowing history. While credit information was always traditionally linked to banking obligations, individuals and companies unknowingly start building their credit history when making payments to non-banking institutions. Therefore, AECB improved its credit scoring models to use alternative data to compute credit scores for those with