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Yesterday, Dubai Police and Emcredit announced details of a data-sharing agreement to provide information on those who write bad cheques. This is a measure that's long overdue.
Police will provide information on defaulters to Emcredit, who will store the information. For those wishing to inquire about credit, the data are retrieved almost instantaneously, providing a clear picture over a person's credit worthiness.
Such systems are necessary to ensure the integrity of the credit and lending process, providing a clear picture of the person's financial records and credit history.
Given the recent fraudulent activity on ATM cards, and the current turmoil and general unease over banking, any measure that provides information or tempers concern is to be welcomed.
All can only benefit. It is essential, however, that a method be put in place to make sure records are indeed accurate and up-to-date. Experience in other countries has shown that errors on such data banks are difficult to correct, resulting in problems for all.
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