Credit Score in UAE

What is a Credit Score?

A Credit Score in UAE is used to measure the credit worthiness of an individual. It shows the ability or the intention of an individual to pay back the amount borrowed. It is an accumulative report based on the past lending and repayment history. A Credit Score in UAE is represented by 3 digit number ranging between 300-900, where 300 is considered as the lowest and 900 as the highest. Higher the Credit Score, higher the chances of getting your credit facility approved. Whereas a low score represent high risk factors to provide Credit facility.

A Credit Report helps a Bank or Financial institution to take an informed decision  to offer lending facility to any individual and companies.

Credit Score in UAE

How Credit Score in UAE is calculated?

A Credit Score in UAE is calculated by various factors like how often you make your loan installments on time, what percentage of  amount you are paying to your Credit Card bill every month, how many accounts you hold negative, is there any cheque bounce towards your account and lot more.

All financial institutions and Banks in UAE are bound to update this information to “Al Etihad Credit Bureau” as per the central bank law.

Now telecom sectors like DU and Etisalat also started updating the report to AECB.

How to maintain a healthy Credit Score in UAE?

You can maintain a healthy Credit Report in UAE through following practices :

  • Always pay your bills and installments on time.
  • Avoid multiple Loans or Credit Cards.
  • Minimize your credit card usage and pay every month in full.
  • Limit your frequent new Loan and Credit Card applications .
  • Keep checking you Credit Report on regular intervals.

How can I check my Credit Score in UAE?

You can visit any nearest Al Etihad Credit Bureau Customer Service Centers and request for a Credit Report. They would require your original valid Emirates ID and copy of Passport to apply for Credit report. Credit Report will be sent to you by Email.

Al Etihad Credit Bureau has also launched AECB Mobile App where you can sign up and apply for your Credit Report.

Fees for retrieving your Credit Report :

  • Credit Report with Score : AED 105.00
  • Credit Report : AED 84.00
  • Credit Score : AED 31.50

Published by : Uae Cash Loans Team

Published Date : 9th April 2020