What-is-a-credit-score-in-UAE

To check your credit score:

1. Visit the AECB website.

2. Choose individual or company credit info.

3. Click “Get a Credit Report Now.”

4. Log in or sign up.

5. Select “Get Report.”

6. Pay to download your report.

Content:

How are the credit scores calculated?

How to check my credit score in UAE?

How much does it cost to check your credit score in UAE?

What are the requirements to check your credit score?

What is a good credit score and why is it important?

A credit score works like a report card for your finances. It tells banks and lenders how well you handle your money.

 This number helps them decide whether to lend you money or give you a credit card. 

It’s like your financial reputation, the higher your score, the more likely you are to get loans and credit cards with good terms.

In this blog, you will find details about credit scores and will find out how to check my credit score in UAE.

How are the credit scores calculated?

In the UAE, credit scores are calculated by the Al Etihad Credit Bureau (AECB). They consider:

Timely bill payments:

 Paying bills on time helps your score.

Debt amount: 

Having too much debt can lower your score.

Credit history length:

 A longer history of managing credit well can improve your score.

Types of credit used:

 Having a mix of credit types, like credit cards, car loans, and mortgages, can be helpful.

How to check my credit score in UAE?

Online via AECB Website

1. Go to the AECB official website.

2. Decide if you’re looking for individual or company credit info.

3. Click on the option that says “Get a Credit Report Now.”

4. Login if you already have an account or sign up if you’re new.

5. Choose the option to “Get Report.”

6. Pay the fee to download your credit report.

Online via AECB App

1. Download the AECB App from either the iOS App Store or Google Play Store.

2. Use your Emirates ID to log in by scanning it.

3. Tap on the option that says “Get Credit Report.”

4. Pay the fee to download your report.

By visiting the AECB branches

1. Visit an AECB Branch with your Passport Copy, Emirates ID, and Valid Email Address.

2. Ask to get your credit score checked and request a credit report.

3. Be aware that fees may vary, so inquire about the cost.

4. Provide the necessary documents and information as requested by the staff.

5. Once the process is completed, you will receive your credit score and report via email.

How much does it cost to check your credit score in UAE?

For Individuals:

AECB Website:

Credit score: 10.50 AED

 Score with the report: 84 AED

AECB Branches:

Credit score: 21 AED

Score with the report: 105 AED

For Companies:

AECB Website:

Credit score: 10.50 AED

Score with report: 157.50 AED

AECB Branches:

Credit score: 21 AED

Score with report: 189 AED

What are the requirements to check your credit score?

For Individuals:

If you are an individual and want to check your credit scores following are the requirements:

· Passport Copy

· Original Emirates ID

· Valid Email Address

For Companies:

If you want to check credit scores for a company, the following are the requirements:

· Valid Email Address

· Authorized Letter

· Valid Trade License

· Bank’s authorized signatory

What is a good credit score and why is it important?

What is a good credit score?

Your credit score is super important when you want to borrow money or get a credit card. It goes from 300 to 900. 

If your score is above 700, that’s awesome! But if it drops below 400, it’s not good news. Banks won’t want to give you a loan or card. 

Importance of a good credit score

Having a good credit score in the UAE can open up several financial advantages. Here’s why it’s important:

Easier loan approvals: 

Banks are more inclined to approve your loan requests if your credit score is high.

Lower interest rates: 

With a good credit score, you’re likely to enjoy lower interest rates on loans and credit cards. This means you’ll save money over time by paying less interest.

Better credit card offers: 

A good credit score can grant you access to credit cards with superior rewards and benefits, giving you more value for your spending.

Leave a Reply

Your email address will not be published. Required fields are marked *