Including “Pensions” and “NAFS” data in individuals’ credit reports

Al-Ittihad Credit Bureau announced the inclusion of documented data from the General Pensions and Social Security Authority and the Nafs program within its credit information services, which contributes to strengthening income assessment mechanisms and expanding the scope of information available within individuals’ credit reports.

A statement yesterday stated that the digital link between Al-Ittihad Credit Bureau, the General Pensions and Social Security Authority, and the Nafs program aims to create an integrated system for the flow of financial and credit information and government support data, and to benefit from the exchange of data and analytics, in line with national priorities, by integrating financial and credit data with government support data, and adhering to the highest standards of data security and transparency.

These updates give lenders a comprehensive and accurate view of the documented income of individuals, and calculating the retirement income and support provided by the “Nafis” program, in addition to the salary, may be reflected more positively in the assessment of the percentage of use of income, which may contribute to improving the opportunities of individuals who qualify for obtaining a wider range of financing products and facilities.

The Director General of Al-Ittihad Credit Bureau, Marwan Ahmed Lutfi, said: “Including documented data from the General Pensions and Social Security Authority and the (Nafis) program, within our credit information products, represents an important step towards strengthening income assessment mechanisms. By calculating the pension income and the (Nafis) program support amounts, in addition to the current monthly salary, financial institutions can form a more comprehensive picture of the individual’s ongoing income, and make thoughtful credit decisions based on more accurate information, which contributes to enabling financial institutions to study… Eligibility of UAE citizens to obtain financial products and facilities, based on a more comprehensive understanding of their documented income.

For his part, the Director General of the General Pensions and Social Security Authority, Firas Abdul Karim Al Ramahi, said: “Cooperation with (Al-Ittihad Credit Bureau) represents an important step towards enhancing institutional integration and data exchange, in a way that supports information-based decision-making. The Authority believes that employing and analyzing data in partnership with the competent national authorities contributes to understanding the needs of citizens more comprehensively, and developing policies and services that support their financial stability and enhance their readiness for the future, in line with the state’s directions towards building an integrated system.” And sustainable social protection and financial empowerment.”

In the same context, the Secretary-General of the Emirati Talents Competitiveness Council, Ghanam Butti Al Mazrouei, said: “Our cooperation with (Al-Ittihad Credit Bureau) reflects our joint commitment to supporting Emirati talents, by improving the quality of financial and credit data, which contributes to enhancing financial transparency and analyzing the impact of (NAFES) support on the financial stability of beneficiaries. The inclusion of Nafs support data in the credit reports of financial institutions provides a clearer view of the financial conditions of citizens, which helps them provide more accurate assessments of their ability to pay financial obligations.”

Marwan Lotfy:

. Including documented data from the General Pensions Authority and the “NAFES” program is an important step towards strengthening income assessment mechanisms.

Firas Al Ramahi:

. Cooperation with “Credit Information” enhances institutional integration, which supports information-based decision-making.

Ghanam Al Mazroui:

. Including “Nafis” support data in credit reports provides a clearer view of citizens’ financial situations.