Tag: Credit Report in UAE

Top 5 Factors that affect your Credit Score in UAE

At present, Your Credit Score has become very important in UAE, Banks decide your eligibility for loans, credit cards, and other products based on your credit score and report. Many unexpected businesses are looking to credit score and deciding what your creditworthiness is, large corporate employers are also started checking your credit history, as per recent news a Real estate companies also checking your credit score before giving an apartment on rent, There are hundreds and many factors that affect the credit score. Meanwhile, we take look at the top 5 factors that affect your credit score. 1. Payment History 2. Credit usage 3. Age of credit history 4. Types of credit 5. Recent credit inquiry /applications Payment History Payment history is the most important part of your credit score, Globally it decides the 35% to 40% of your credit score. If you had lent some money from a lender the first question you will hear is “When you will return it”? So the longtime on-time payment will be best for your credit scores. While missing a payment could hurt them. Serious repayment issues, like write-offs, collections, bankruptcy, repossession or foreclosure can devastate your credit score, which may also make

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Bank News
Money Mall Team

How to Check your Credit Score in UAE?

What is my Credit Score? How to check your Credit Score in UAE?
AECB office in either Dubai or Abu Dhabi will provide you Credit score while you visit, you need to provide your Emirates ID and other Identification documents along with a request form.

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Bank News
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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