A credit report is one that carries your credit history which will be evaluated by the UAE credit bureau. Where they collect information from related banks and financial institution where you had financial dealings in the past. This report is drawn up from the Al Etihad Credit Bureau (AECB), banks and lenders use this report to decides your position to owe a loan or card and at what interest rate the loan is to be sanctioned based on your risk grade.
Credit bureau in UAE:
In the UAE, the credit reports and credit score evaluation is looked after by the Al Etihad Credit Bureau (AECB). It is a Federal Government organization that collects credit data, information and financial commitments from banks and financial institutions in order to provide accurate Credit Reports to individuals, financial institutions and companies in the UAE as allowed by the laws and regulations of the UAE.
How can I get a free copy of credit report?
No, You can get a copy of your credit report from the UAE credit bureau by paying AED 84 .
What information is included in my credit report?
Your credit report contains each account and the loan you owed, credit limit current balance, and payment history which listed along with the date it is opened. Along with this, it will also list the number of inquiries notations for every time you applied for a loan or credit account. Additionally, It will include liens, bankruptcy information as collection information because they remained unpaid after several attempts by the banks to secure payment.
What affects my credit score and how can I fix?
If you have missed payments, bad debts that will ultimately create redflags to the bank which will keep you in risk, they could result in you being denied a loan or you get stuck with a higher interest rate.
There is good news for you. If you want positive information on your credit report pays your bills on time, Long time on-time payments will boost your chances to get approved for new credit.
The more you apply for credits the higher will affect your credit score. So limit the number of products you borrow on.
Don’t keep your credit utilization ratio high. If you max out your debts by utilizing all the credit facilities sit will impact negatively on your sore that makes difficult for you to get new credit.
How can I check my credit report?
If you want to glance your credit report frequently to improve your credit score there is a paid option on the AI Etihad credit bureau where you can go to one of the AECB customer centers with your original Emirates ID and passport copy. Get your score plus report for AED AED 105.00 (individuals) or AED 178.50 (corporates). The only score costs AED 31.5 and only report costs AED 84 (individuals) or AED 157.50 (corporates).