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Dubai, Jun 8: Serial cheque bouncers will have a harder time getting payment accepted thanks to a deal signed between the UAE’s private credit information services bureau and Dubai Public Prosecution yesterday.  Under the terms of the agreement, Dubai Public Prosecution will provide access to litigation data and data on historical cheque honouring behaviour of individuals and companies to credit bureau Emcredit.

This information will in turn be used by Emcredit to complement its existing emBounce system, which provides records on defaulted cheques. Emcredit supplies real-time data to its customers in the real estate, financial and insurance sectors, enabling lenders and other businesses to better assess the risks associated with borrowers and partners.

“As the economy experiences unprecedented growth and businesses continue to flourish, tools are needed to ensure a stable financial sector and keep financial crime in check,” said Yousef Hassan Al-Mutawa, senior advocate general of Dubai Public Prosecution.  “Our partnership with Emcredit will enable businesses to identify cases of high financial risk, and act as a self-discipline mechanism to reduce incidences of bounced cheques in the long term.”

Emcredit has also signed agreements with several other government departments to enrich its database and combat cheque bouncing, which is a criminal offence.  Dubai e-Government, Dubai Police and the Real Estate Regulatory Authority, as well as Amlak Finance, Better Homes and Dubai Bank, all have agreements with Emcredit.