If you have been using credit cards for some time now, you must have looked for ways to check your credit score report in UAE. Having a good credit score is important especially when you are thinking of getting a loan, availing of additional credit, or using any other financial product.
This article will explore different ways to check credit scores in UAE using online and offline sources. This will help you in improving your credit score which will ultimately increase your chances of getting a personal loan approved by the bank.
Not only this but having a good credit score also makes you credible enough to request special financial services. So let’s move ahead to the details and find out ways to check your credit score in UAE.
What Is a Credit Score?
Before we get into the details, you must have a basic knowledge of what a credit score is. In simpler words, it’s a 3-digit number that reflects your capability to clear off debts. When you apply for a personal loan, a new credit card, or request any other financial service, banks, and financial institutions scrutinize your credit score to assess your capacity to pay debts.
In other words, a credit score is your creditworthiness. It can range anywhere from 300 to 900. The higher the score, the more the chances of getting a loan approved. People with a high credit score can apply for bigger loans with little interest rates and get their applications approved quickly.
On the other hand, individuals with low credit scores may not be eligible for personal loans. A low credit score reflects a high credit risk. Lending institutions are more likely to reject applications for loans when the applicant has a low credit score. In UAE, a credit score that ranges between 300 to 619 is considered poor and a score between 620 to 679 is seen as fair. Scores that fall between 680 and 730 are considered good and scores of 730 and above are considered an excellent credit score
Calculating A Credit Score in UAE
Now that you have a basic understanding of a credit score, you must now be wondering how to calculate a credit score in UAE. Al Etihad Credit Bureau (AECB) a government-owned entity is responsible for calculating and issuing credit score reports in the country.
Al Etihad Credit Bureau
Whether you are an individual or a business organization, AECB can issue credit reports to help you get sorted with your credit scores. The company collects data and information on individuals' and businesses' credit history including card payments, phone bills, mortgages, and loans.
It then explores and scrutinizes the data to issue credit reports that you can use when applying for loans in the country. AECB has been providing the masses in UAE with credit reports since the year 2014 and is associated with many big organizations in the country.
After collecting all essential data, AECB makes use of an algorithm that helps with the calculation of credit score in UAE. The credit score of a person can fluctuate over the years depending on their financial situation and activities. You can request a credit score report from any of the AECB centers or through their website. Companies and businesses need to personally visit the AECB center and bring the required documents to get their credit score report.
Documents Required When Applying for a Credit Score Report
To get a credit score report, you may need to bring in the following documents when applying:
For Individuals
• A valid Emirates ID card
• Copy of passport
• Valid email address
• Other documents as specified by AECB
For Businesses and Organizations
• A valid trade license
• Valid email address
• Authorized signatory from bank
• Authorized letter issued by the company’s manager, owner, or partner.
• Any other document requested by AECB
Charges to Check Credit Score
Individuals and companies may have to pay a certain fee to get their credit score reports. You can request to check a credit score only or may apply to get a detailed credit score report depending on your personal preferences.
The cost may vary for online and in-person applications.
Fees for Individuals:
• AED 10.50 when applying online for a credit score only
• AED 21 when applying in person for credit score only
• AED 84 when applying online for a credit report and credit score
• AED 105 when applying in person for a credit report and credit score
Fees for Companies
• AED 10.50 when applying online for a credit score only
• AED 21 when applying in person for a credit score only
• AED 157.50 when applying online for a credit report and credit score
• AED 189 when applying in person for a credit report and credit score
2 Ways to Request a Credit Report
Offline
You can apply for a credit report or credit score report check by visiting any of the AECB customer services centers. You just need to provide a valid Emirates ID card, a copy of a valid passport, and a valid email ID. Pay the fees using a credit/debit card or choose to pay with cash.
Online
If you prefer checking your credit score in UAE online, you may visit the official website of AECB or download their app. Follow the steps below to check your credit score in UAE online:
Via Website:
• Log on to the AECB website
• Create an account and sign in
• Wait for the “Get your Credit Score” page to finish loading.
• Select “Credit Score” or “Credit Report” and click “Buy Now”
• Pay the specified fees and complete the process.
Via Mobile App
• Download the app from Google Play Store or Apple App Store
• Register your account and log in by scanning a valid Emirates ID
• Click the “Get your Credit Score” tab
• Proceed to the checkout page, pay the specified fee, and complete the process.
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