Your credit report in UAE contains just not your credit card or loan outstanding but it holds a lot more and is an overview of everything that you need to know about your credit history. But what are those elemental things that you shouldn’t miss out on in a credit report? Let’s read below…

Information in the credit report is

  • Your identifying information like name, addresses, phone number, email address et cetera
  • The date you opened your credit card account and the date of any loans you’ve taken in the meantime
  • Your current outstanding balance in your credit card account
  • Your payment history and the pattern of your payments. This also tells you whether you’ve made payments on time or whether you have defaulted in any of them
  • Any bankruptcies, Settlements, Restructuring of loans or liens
  • Your credit limit associated with your account and total loan amounts you’ve withdrawn

The AECB credit bureau is responsible for providing the bank or the credit card company with information about your credit history.

Other facts about a credit report

  • Credit reports are highly volatile documents. Make sure you go through yours with a fine-toothed comb to make sure there isn’t anything that you’re paying extra for
  • “Open account” means that yours is a credit line that you’ve opened, but haven’t used or cancelled
  • Most people can’t legally access your credit report without your blessing. However, some institutions and people are exempted from this rule, for instance, banks, creditors, lenders, insurance companies, potential landlords, collection agencies, potential employers and the government.
  • Your credit report may or may not include your credit score
  • Although soft inquiries about your credit score happen all the time, hard inquiries into your credit history cannot legally happen without your consent