QCB notes that consumer and business delinquency is on the decline …



(MENAFN – Gulf Times) Consumer and business delinquency had declined year over year in 2020 despite the Covid-19-induced lockdown in place for most of the year, according to the Central Bank of Qatar (QCB).

In its 2020 annual report, the QCB said the Qatar Credit Bureau reported that consumer delinquency (over 90 days late) had decreased to 5.97% at the end of December 2020 from 6.14% the previous year.

Consumer credit stood at QR 253.33 billion at the end of 2020 against QR 253.53 billion the previous year.

In the case of commercial delinquency (more than 90 days late), the credit bureau indicated that it had fallen to 4.75% at the end of December 2020 against 4.95% a year ago.

Trade credit (excluding government entities and companies not registered with the Ministry of Trade and Industry) amounted to QR 261.72 billion, showing an annual growth of 6.09% in 2020.

Although 2020 saw the emergence of a unique set of challenges due to the Covid-19 pandemic, the QCB said the credit bureau’s services continued without any disruption, mainly due to its technological advancements. and its global standards.

The bureau issued a total of 402,127 credit reports, of which 86% or 347,821 were consumer credit reports and the remaining 14% or 54,306 were commercial credit reports in 2020, up from 461,313 (428,316 and 32,997) the previous year.

The bureau had issued 369,408 credit reports (including “dishonor check reports launched in September 2020) to member institutions during the review year.

“There have been 69,076 member-generated non-compliance check reports from its launch date until December 31, 2020,” the report says.

The credit bureau had issued 33,079 self-investigation credit reports to consumers in 2020 compared to 38,461 the previous year.

He accepted self-investigation credit report requests via online inquiries and provided the reports to customers via QPost.

The QCB annual report indicates that the credit bureau has up to 26 members from both banks and non-banks.

The office, which has completed 10 years of operation, provides accurate and comprehensive credit information, which helps overcome the risk management challenges faced by its member institutions.

“The Qatar Credit Bureau is constantly striving to add new members from different economic sectors as well as to design new electronic products, technology applications and services for the members of the credit bureau,” says the QCB annual report.

As an authorized Local Operating Unit (LOU) of the Global Legal Entity Identifier Foundation (GLEIF), Qatar Credit Bureau provides LEI services to consumers to create new LEI / update LEI information / renew LEI on an annual basis / transfer LEI from another LOU to QCB’s LOU online system.

LEI accounts of 49 companies are with the Qatar credit bureau as of December 31, 2020, which includes 28 new LEI accounts opened by companies through the office in 2020.


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