The law imposes penalties with fines and/or imprisonment on anyone who discloses credit information, Credit Information Reports or Credit Records in violation of the law, and its implementing regulations. This includes obtaining Credit Information or Credit Information Reports without the required approvals, breaching Credit Information and Credit Record confidentiality, or acting in bad faith with regards to misrepresenting data or providing incorrect Credit Information to Al Etihad Credit Bureau.

The Decree-Law allows obtaining Credit Score and indicators without the consent of the person as per AECB’s defined terms and conditions given that these scores and indicators are a numerical representation of risk and do not reveal any credit information. This will encourage the utilization of Credit Scores and indicators by the main economic sectors and enhance the country's credit confidence.

Al Etihad Credit Bureau (AECB) is a Public Joint Stock Company wholly owned by the UAE Federal Government. It collects credit information from financial and non-financial institutions in the country, analyses and classifies it, and uses it to issue Credit Reports and Credit Scores for individuals and companies in the country. Its activity at the present time covers all individuals and companies in the country.

The Decree-Law permits Al Etihad Credit Bureau to exchange Credit Reports and information for non-citizens with credit information companies and centres outside the UAE based on the principle of reciprocity. AECB can exchange credit information with expatriates and residents’ countries of origin. This will contribute to reducing risks when subscribers request information to offer credit facilities or services for customers that may not have any credit history in the UAE.

The Decree-Law supports Al Etihad Credit Bureau (AECB) corporate objectives as well as its commitment to enhance the credit environment in the country. It does so by enabling AECB to enlarge its database to include all entities that hold credit information, including federal and local government entities as well as locally and free-zone registered companies. This will enable AECB to develop several specialized tools to enhance risk management in banking, telecommunications, insurance, real estate and service provisions sectors.

Decree No. 8 of 2020 amending the provisions of Federal Law No. (6) of 2010 amending the definition of “credit information” to include the person’s financial information, financial obligations, current and past payments, and his financial rights, including his movable and immovable revenues and assets, any bank transactions and other necessary data and information Relevant to credit information, which shows his eligibility and credit capacity, provided by the information provider and upon which the credit history is prepared.

The definition of “information provider” was amended according to Decree No. 8 of 2020 amending the provisions of Federal Law No. (6) of 2010 to include all entities that have credit information, including federal and local authorities and free zones, with the aim of expanding the database of AECB for Credit Information and deepening the quality of the information and indicators issued by it.

The amendment allows lenders and service providers to better assess risks and make better decisions in lending and service provision. It will also support individuals and companies to better plan for their financial and service needs based on more substantial data.

The Decree-Law supports the implementation of Al Etihad Credit Bureau (AECB)’s corporate objectives to enhance the stability of the credit environment in the country, as it will enable AECB to enlarge its database to include all entities that hold credit information, including federal and local government entities as well as locally and free-zone registered companies.  This will enable AECB to develop several specialised tools to enhance risk management in banking, telecommunications, insurance, real estate and service provisions sectors.