Al Etihad Credit Bureau (AECB) is a Public Joint Stock Company wholly owned by the UAE Federal Government. AECB helps you to know about your Credit Score.
The company was established as per UAE Federal Law No. (6) of 2010 concerning Credit Information and its amendments. You can now access your credit score in the UAE after the Al Etihad Credit Bureau (AECB) launched the credit scoring system in the UAE.
How does AECB credit score work?
Al Etihad Credit Bureau is mandated to regularly collect credit information from financial and non-financial institutions in the UAE. The Company aggregates and analyzes this data to calculate Credit Scores and produce Credit Reports that are made available to individuals and companies in the UAE. The information is requested, aggregated, stored, analysed, and then produced and distributed through a variety of credit-related products.
What is AECB credit score?
A credit score is a three-digit number that predicts how likely you are to make your loan and credit card payments on time, in the next 12 months. The number ranges from 300 to 900 with a low score indicating a higher risk and a higher score indicating a lower risk.
What is AECB credit report?
AECB Credit Report is a collection of historical credit data from various banks and other financial institutions, telecom/utility companies, government bodies etc. that you have an account with in the UAE.
Your credit report will include:
✔️ A record of your current and previous credit facilities
✔️ Your payment history over a period of up to five years
✔️ Any overdue payments
✔️ Any records of payment defaults and bounced cheques
Why does a credit score matter?
Banks and financial institutions take your credit score into account to make decisions on loan or card applications. So, having a higher score may indicate they will process credit card and loan applications faster and provide preferential benefits and rates.
However, it is important to note that a credit score is not the only factor for loan and credit card eligibility as each bank makes an assessment based on its own system of risk profiling and scoring.
Can I improve my credit score?
Yes. According to the AECB, scores are dynamic and can change according to the most recent information in your credit report. You can always improve your score by paying bills on time and reducing the amount of outstanding debt as well as the number of credit-related products.
In the same coin, frequently missing or delaying payments beyond the due date, having a large number of loans and credit cards and frequently utilising your entire credit card limit could lower your score.
Where can I get my credit report and score?
You can proactively check your credit score and credit report before applying for a loan or card. In fact, it is advisable to check your credit report for errors.
You can get your credit report and credit score online by visiting AECB Website or by downloading the AECB App, available on Google Play and Apple Store.
FOR MORE INFORMATION, CONTACT US :
Phone : +971 52 1952 532 / +971 4 240 1110
Mail-Id : info@yugaaccounting.com
Website : www.yugaaccounting.com