provide information for objective examination of credit standing of the borrowers.
The ninth WCCRC concludes today, and is being held with the support and sponsorship of the Al Etihad Credit Bureau
Organised by Saudi Credit Bureau
(SIMAH), the Association of Consumer Credit Information Suppliers (ACCIS) and the Consumer Data Industry Association (CDIA), the two-day summit will discuss a number of topics, including the growth of the credit bureau
in the GCC region, the US and the EU data reporting standards and the latest trends in fraud and tools being used to prevent fraud and identity theft.
In addition, the regulations require aspiring credit bureaus
to amongst others; provided detailed feasibility plans outlining showing the nature of the planned business, organisational structure, internal control system and monitoring procedures of the company, covering among other things, the following aspects, and overview of operations including the description of systems, design of the data collection and dissemination including the unique identification system for individuals and businesses that is adequate to ease the collection of data and handling of the database.
On Tuesday, the apex bank said that it is proposing to enact a new Credit Bureau
After a detailed test phase, the credit bureau
will be fully operational in 2013.
To be successful, credit bureaus
need to be either government-led, or industry controlled and regulated by the government.
Nabil Mowais, Executive Director, Credit Chex, said, "The first official meeting of the members of MECRA was extremely fruitful, as members examined recent trends, challenges and opportunities for the association's role in boosting regional credit information services, where credit bureaus
will support the regional economic growth.
We encourage other regional credit bureaus
to join the association that is set to become the unified voice for all credit reporting agencies in the region,' he added.
The settlement agreement is part of a class-action lawsuit (still in progress as of this writing) filed in October 2005 against the credit bureaus
by a group of lawyers representing consumers who say they were negatively affected by inaccurate credit reports involving bankruptcies.
The retail industry and credit bureaus
, however, contend that freezes would mean more hassles for consumers.
All TenantAlert reports include consumer credit information from one or more of the three major credit bureaus
-- Experian, Equifax or Transunion.