Restricted Licence Finance Companies and Agents must strictly adhere to the following credit reporting requirements:
a.
Provide credit information of Borrowers to the Credit Information Agency, based on the terms and conditions of the Credit Information Agency; and
b.
Request credit information of Borrowers from the Credit Information Agency, before extending credit to Borrowers in amounts of five thousand Dirham (AED 5,000) or higher.
24.2
The credit information of Borrrowers must not be shared or disclosed to any third party without the Borrower’s express consent to share with the identified party. Restricted Licence Finance Companies and Agents must ensure that they are in full compliance with all applicable legal requirements concerning data protection.
24.3
Access to and review of a Borrower’s Credit Report and other credit information by a Restricted Licence Finance Company or an Agent, including information from a Borrower’s employer must be conducted with the Borrower’s express consent.
24.4
Restricted Licence Finance Companies and Agents must disclose to Borrowers that credit information will be retrieved from (where applicable) and shared with the Credit Information Agency; and explain the implications of borrowing, late payment and default, on the Borrower’s Credit Report.
24.5
A Restricted Licence Finance Company or Agent must review Borrower information to conduct an affordability assessment to verify the Borrower's solvency and ability to repay and document such verification in a credit file. The credit information reviewed must incude the Borrower’s Credt Report in the case of credits granted in amounts of five thousand Dirham (AED 5,000) or more.
24.6
A Restricted Licence Finance Company or Agent must not grant a Short-Term Credit product with a credit limit that is unaffordable for the Borrower based on the results of the affordability assessment.
24.7
A Restricted Licence Finance Company’s or Agent’s review of a Borrower’s Credit Report must be conducted at the initiation of the credit relationship, prior to approving additional credit applications and before increasing the Borrower’s credit limit, if the total credit amount is five thousand Dirham (AED 5,000) or more.