Real estate firms integrate Emcredit services into risk management practices

1. Landmark Properties and New England International Real Estate sign up for Embounce to make more informed business decisions
2. Agreement to empower both companies to assess tenant repayment habits
3. Helps to tailor leasing terms for individuals holding good cheque honouring records

Leading real estate firms Landmark Properties and New England International Real Estate are integrating Emcredit’s cheque-reporting solution, emBounce, into their business processes further enhancing their risk management practices. This announcement was made by Emcredit, the UAE’s first government-backed credit information services company.

Under the terms of the agreements, Landmark Properties and New England International Real Estate will benefit from Emcredit’s cheque-reporting solution, which will provide in-depth insight into the cheque-honouring and payment habits of existing and potential tenants in the UAE. This, in turn, allows both companies to better assess their customers, provide additional payment flexibility with reassurance and offer faster and more efficient processing of sales and tenancy agreements, thereby further enhancing and improving service levels to their customers, landlords and developers.

Landmark Properties is among the leading real estate brokerage firms and consultancy providers in the UAE; New England International Real Estate offers a full range of real estate consultancy services in all major market sectors, covering offices, retail, residential and hotel properties.

“The benefits of credit reporting have grown beyond the financial services industry,” said Zaid Kamhawi, Chief Business Officer, Emcredit. “The availability of accurate and timely information on customer’s credit patterns empowers businesses with clearer insights, helping them make business decisions accordingly.

“Our partnership with Landmark Properties and New England International Real Estate demonstrates that the real estate sector is fast-recognising the significant role of credit records in gaining better perspective on their tenants. Assessing the cheque-honouring behaviour of individuals will enable the industry to offer competitive services to worthy customers, as well as promote prudent financial habits among consumers.”

Charles Neil, Chief Financial Officer, Landmark Properties, said: “Cheques are the widely used payment mode in our business. A clear assessment of our client’s cheque-honouring records strengthens risk mitigation practices. In these challenging times for the real estate sector, Emcredit’s emBounce solution will enable us to provide a value-added service to our clients, while also offering tailored solutions to tenants.”

“Globally, credit reports are integral to our tenant assessment process and we are pleased to introduce this in our UAE operations,” said Susan Tulloch – Sales Director New England International Real Estate. “Embounce will help us to identify potential cases of default. Through our partnership with Emcredit, we will be able to better support our clients by reducing incidences of delayed payments and defaults, enhancing our service offering.”

In addition to Landmark Properties and New England International Real Estate, Emcredit also provides Better Homes with cheque-reporting solutions.

About Emcredit:
Emcredit is the UAE’s pioneer information services company. It provides a range of comprehensive, accurate and timely information solutions such as credit bureau services, cheque-honouring reports, business background reports and other risk assessment tools. Emcredit’s decision support tools enable private and public entities to gain greater perspective into the risk profiles of individuals and companies, thereby empowering them to make more informed business decisions.

The company has a rich database on individuals and companies in the UAE, including 5.6 million consumer identification records, payment behaviour information on consumer and commercial borrowers and 35 per cent of mortgage data in the UAE. It has established data-sharing agreements with several government departments, to power its information solutions. These government entities include Dubai e-Government, Dubai Police, Department of Economic Development (DED), Dubai Land Department and its subsidiary, the Real Estate Regulatory Authority.

Emcredit is registered as a private entity and is based in the Dubai International Financial Centre (DIFC), which is regulated by the Dubai Financial Services Authority (DFSA). Emcredit operates in line with the DIFC’s Data Protection Law.

Emcredit was incorporated in January 2006 under the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai. It is a fully owned subsidiary of the Department of Economic Development (DED), Government of Dubai.

About Landmark Properties
Landmark Properties (LM) is jointly owned by a unique and dynamic group of experienced entrepreneurs with diverse backgrounds in investment banking, real estate development, marketing and Media Production. The company recently formed a strategic alliance with Amlak Finance.

Landmark Properties was created with one goal in mind: to strive to present a standard of real estate services yet to be offered in Dubai through our unsurpassed customer service and state of the art technology. LM boasts a multi-national group of Sales Executives, experienced within their specific fields, providing concentrated attention to individual sectors of the business.