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Money Mall Team

Understanding your Credit Report in UAE

What is a Credit Report in UAE?  Credit Report is a document contains your personal identity information, details of your credit cards, loans, utility bills, and other credit facilities, along with with your payment and bounced cheque history. What’s included in my credit report in UAE? Record of previous and current credit facilities. The amount you have borrowed and the repayment term was chosen and the interest to be paid. Payment history for the last 2 years. There is a detailed payment history section in your report that will mention the amount paid each month towards each loan. Overdue payments will also be mentioned. If there are any payments overdue as you missed paying them, then it will be mentioned in the credit report. Record of default, if any. If you have defaulted on your payment, it will show on your credit report. This is one of the major factors that lead to your loan application rejection. Credit Inquiries, All your recent applications, and inquiries have done to the different financial institutions. What does my Credit Report data use for? Banks will use your credit report and score to decide whether to lend you money and the interest rate at

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