The Oman Credit and Financial Information Centre (Mala’a) is now offering credit bureau services to enhance the creditworthiness of individuals and corporates in the sultanate in line with Oman’s Vision 2040.
Mala’a’s services will support financial inclusion by ensuring responsible financing in addition to improved credit risk management, a press statement said.
Managing director Aadil al Saadi said that Mala’a aims to fulfil its objectives by being Oman’s national data bank and reference to all credit and financial information. The centre offers credit reports and credit score for individuals and corporates, instant credit decisioning engines and a range of data analytics solutions.
The availability of credit scores for individuals and corporates will enable lenders to make informed credit decisions.
Saadi added that Mala’a credit score is a dynamic indicator that is generated according to a world-class scoring engine to reflect the analysis of historical credit information of individuals and corporates. Mala’a credit score is the quantitative measure which ranges from 300 to 900, where the higher number reflects lower risk.
Credit score is a proven world-class system in advanced and emerging markets and supports credit providers in assessing credit risk. Credit score information is based on Oman’s actual credit data for the last 10 years.
Saadi said that Mala’a credit score is a valuable credit risk management tool. “Credit score is dynamic and changes according to credit and financial history. It is calculated based on the information derived from credit providers taking into consideration over-indebtedness, positive history, and payment behaviour.”
He noted that positive financial and credit behaviours lead to higher credit score.
In addition, work is currently underway to establish online channels for self-service, such as a portal and a smartphone application, which will help individuals and corporates to utilise Mala’a’s services in the future. It also aims to raise awareness about the financial and credit principles in the sultanate.