Law No. 88 for the year of 2003 Which was modified by Law No. 93 for the year of 2005 has regulated the legislation of the Credit Bureaus in Egypt in terms of the establishment of their entities as well as the guidelines that highlight their performance & relationship with information providers - enquirers & consumer’s .
These laws have also enforced the role of the CBE over the Credit Bureaus in Egypt.
Before we explain the process of the Credit Repair service we must first highlight the importance of the Credit Bureau which is considered a new idea on the Egyptian mentality.
The Credit Bureau as a legal entity is available & existing in most of the modern countries as an essential tool to stop fraud & protect the economy from being dragged down due to unpaid & uncollected funds whether to banks, companies or even consumers.
In order to accept the idea of the Credit Bureau & to help it to reach its goals we must understand that Credit Bureau is not consumer's enemy.
Credit Bureau is the only way for consumers, companies, banks & other institutions to protect their funds & finances. Because of its service (Credit Report) we are able to examine & study the financial habits of the person requesting line of credit or finance from us for any reason. With a click of a button you can print a report on that person to check his credit & to make sure he is eligible for such a loan or line of credit.
We at Metropolitan always use the following example: If you are a merchant where you usually offer line of credits for your customers to facilitate their financial needs, A new customer walks in your office & asks for a line of credit backed up with checks as the most of the Egyptian market. You would usually grant him his credit & take his checks but you are taking a big risk because he is not a regular customer of yours. Even if he was a regular customer, you have no way of knowing how is his current financial situation at the present time??? But with the Credit Bureau providing a credit report, you can simply check his record & we would not be surprised if you deny his line of credit because his credit report shows a bad habit of returned checks or judgments or even too much debts over what the customer can afford. Would you still grant him the line of credit??? Therefore, the Credit Bureau actually works for us to protect us. At the same time, so many consumers get denied for credit whether a Credit Card, A Car loan or even a Personal loan because of the negative accounts on their credit report. Even though, you still have rights. Rules & regulation of the Credit Bureaus states clearly that the accounts contained on consumers credit report must be accurate As there is no one can remove 100% accurate negative information from your credit report. CBE rules states clearly that accurate negative information will remain in your credit report for 5 years.
But define accurate information???
In-accurate information has many definitions:
Means negative information listed on your credit report for a period exceeds the term of the listing, in other words (Outdated)
Means wrong or false information listed on your credit report & this could be due to so many reasons such as invalid account number - Paid account while appears negative on your report - Not your account at all due to similarity on the names, addresses or even ID number - Mishandling from the information provider or the Credit Bureau due to the tremendous number of transactions information providers & the Credit Bureau deal with on a daily basis or due to insufficient man power or training - mishandling the process of the reporting where the information provider or the Credit Bureau skips or misses any of the reporting rules set forth by the government during the reporting process itself.
This are only a few of the definitions of the term ACCURACY the rules refers to.