# Credit reports



## vagtsio (Oct 12, 2008)

ok Ladies and gents 

we all read this morning the news that the credit bureau took the final approval for its operation by the government but not a date that it will actually go live and banks or any other financial institutions will have to use it. 

anyone any info as to when this is happening?


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## nick27 (Jul 21, 2010)

vagtsio said:


> ok Ladies and gents
> 
> we all read this morning the news that the credit bureau took the final approval for its operation by the government but not a date that it will actually go live and banks or any other financial institutions will have to use it.
> 
> anyone any info as to when this is happening?


that will be interesting... credit reports in UAE...hmm I haven't heard anything but by having a look online there is confirmation that is approved for operation but couldn't find a start date... and I am looking for a new car to buy.....

anyone any ideas as to when this will start to be used from the banks?


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## rsinner (Feb 3, 2009)

Going b the speed at which this is shaping up - probably a couple of years more.


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## nick27 (Jul 21, 2010)

rsinner said:


> Going b the speed at which this is shaping up - probably a couple of years more.


ha that will be nice rsinner ... the way things happening down here will not surprise me at all to take a few years more... saying that I just found that they say that will start June next month :scared: is that for real????


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## vagtsio (Oct 12, 2008)

nick27 said:


> ha that will be nice rsinner ... the way things happening down here will not surprise me at all to take a few years more... saying that I just found that they say that will start June next month :scared: is that for real????


they do say that June is the target day and from my understanding they have collected most of the data from banks. I just spoke to my bank and they know nothing as yet but there is always the case that the person in customer service doesn't have a clue... so Nick27 i really don't know when this thing will materialized but it will be definitely a blow as it is happening just before Ramadan and according to one publication they expect an increase to declined loan applications.

so if you are after a car you can just go now or if you are after the Ramadan promotions then just hope it is not going to start before. 

an more info on this anyone???? perhaps someone from banking industry will be able to shed some more light


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## nick27 (Jul 21, 2010)

vagtsio said:


> they do say that June is the target day and from my understanding they have collected most of the data from banks. I just spoke to my bank and they know nothing as yet but there is always the case that the person in customer service doesn't have a clue... so Nick27 i really don't know when this thing will materialized but it will be definitely a blow as it is happening just before Ramadan and according to one publication they expect an increase to declined loan applications.
> 
> so if you are after a car you can just go now or if you are after the Ramadan promotions then just hope it is not going to start before.
> 
> an more info on this anyone???? perhaps someone from banking industry will be able to shed some more light


I wish I could my car is going to be delivered first week of August and the bank will not give approval of the loan for more than a month witch in a way does nothing for me... 

so guys any info as whether banks will have to start using reports from credit agency will be greatly appreciated.


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## vagtsio (Oct 12, 2008)

nick27 said:


> I wish I could my car is going to be delivered first week of August and the bank will not give approval of the loan for more than a month witch in a way does nothing for me...
> 
> so guys any info as whether banks will have to start using reports from credit agency will be greatly appreciated.


hi Nick27
i just had a chat with a guy from a bank and he told me that they know nothing too. so you might be lucky on that respect.

any more updates will let you know or anyone else that knows something more will be great to solve the mystery


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## NAUAE (Jun 4, 2010)

This was also announced last year too and I got pretty excited. Same outcome then as I expect now..........no one knows anything and will go onto next year. Nothing ever gets implemented this close to Ramadan anyways


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## vagtsio (Oct 12, 2008)

this is what i came across today while reading the news..

UAE borrowers face credit checks for first time - iExpats

any info ladies and gents????


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