In his capacity as the Ruler of Dubai, UAE Vice President and Prime Minister His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued decree No. 8 of 2010, which identifies the Emirates Credit Information Company (Emcredit) as the appointed body for providing credit information services in Dubai. The decree mandates Emcredit to comply with the criteria and instructions stipulated by the DED and with the instructions and guidelines issued by the UAE Central Bank, when processing credit information.

This decree lays out the legal and operational framework for Emcredit, the UAE’s pioneer credit bureau in the Dubai and the UAE, established by the Dubai Department of Economic Development (DED) in 2006, and mandates Emcredit as the entity responsible for providing credit reporting services in the emirate, with responsibility for collecting, storing, analysing and disseminating credit information in Dubai.

This decree comes as part of Sheikh Mohammed’s keen interest in enhancing transparency in Dubai’s economic sectors, as well as creating legislation to develop further the credit reporting industry in the emirate.

This decree comes as a strong move towards complementing Dubai’s economic infrastructure, driving growth and improving the assessment capabilities of lenders operating in the emirate. Decree No. 8 is in line with the Government’s vision of supporting small and medium enterprises (SMEs) and reducing obstacles to accessing credit.

The decree will play a significant role in fostering conducive environment for data sharing. It will bring greater confidence to all stakeholders of the credit reporting industry, enhance the privacy of data of individuals and companies, and support credit decision-making.

The decree also mandates all credit information providers, such as banks, financial institutions and government bodies operating in Dubai, to provide Emcredit with all the required credit information records required by it to render its credit information services.

The decree mandates the company not to use, disclose or divulge credit information in its possession to others except in accordance with the provisions of this decree; to uphold the company’s information security and protect information from any loss, damage, illegal or unsafe access, use or amendment, including having disaster recovery and data backup systems; to establish a regularly updated database containing all matters related to credit information and credit information reports, and to prepare accurate, real and documented credit histories, and review and handle their contents in an accurate and secure manner.