Everyone in UAE is aware of AECB(Al Etihad Credit Bureau) credit reports and the role it plays when a person applies for a loan or credit card in UAE. None of the banks in UAE approve a loan or credit card without running the applicant’s credit score check.
What does AECB report consist of?
The credit report generated by AECB will have all the information right from the personal information to the number of bank accounts you hold, loans and details, and credit cards in UAE etc. All these details will be updated from time to time.
Check: 5 Myths about your Credit Score
Future developments
Currently, the AECB report includes the incoming and outgoing cash flow where it has only the details of loans, credit cards, and any other debt payments in UAE. In near future, AECB is planning to include each and every financial detail of a UAE resident in the credit report. This may include rent payments, utility bills, telecommunication bills, etc.
According to AECB’s recent report, it has 4.5 million residents and 2 lakhs companies listed with them. Where 71 financial and non-financial organizations provide them with the data. In order to improve transparency regarding every resident’s financial status, AECB is planning to include monthly expenses as well.
What all to be included in an AECB report?
AECB is already getting data from the telecom companies so the credit report may have your telecom bill payment history. It will include rent bills, utility bills, RTA fines, court data. Right now the monthly income is combined and provided as the incoming cash flow but further, it would be split into salary and other income sources like bonds, stocks, rents, etc.
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Banks consider credit report check as a vital task in order to avoid the risks while lending which affect the loan/card holder as well. Even while buying a mobile phone on EMI, the buyer’s credit report check will be done and the phone will be sold accordingly. But AECB ensures that each and every financial detail about a resident will be confidential.
About the author
MyMoneySouq helps the visitors to find the right financial product by comparing different products provided by various banks in UAE. It compares different loans, insurance, accounts, credit cards. It works with a goal to give the users a clear idea of what to expect out of their funds and what they can get from those.
