What will your credit report have?
The credit report will include a record of current and previous credit facilities, your payment history over the past 24 months, payments overdue and records of any defaults and bounced cheques. In addition, it includes the total outstanding balance of your debt in the UAE; the total amount of late and missed payments to all credit providers; the number of contracts that have been overdue for more than 90 days; personal information such as your passport number or Emirates ID; the summary of your contracts — either requested, active, rejected and closed; the summary of active contracts belonging or related to you; details of the payment history for each contract; and a list of all your applications for credit with lending institutions.
What does it affect?
Banks will use your credit score to decide whether to lend you money and the interest rate at which to lend based on your risk as a borrower.
How to read your credit report?
Reading a credit report is easy. The first page includes the number given to you by the AECB; your name in Arabic and English; gender; date of birth and nationality in a box with your score opposite along with your total outstanding balance; the total amount of late and missed payments; and the number of contracts that are more than 90 days overdue. Beneath that you will see another box with your identification information, such as a passport number and further boxes with your address, information about your employment, contact details and other sources of income. The second and third pages include a summary of your credit, such as credit cards or personal loans, including those that were rejected and closed, as well as your active contracts that detail the total credit limit and outstanding balance. Below that there are full details of the payment history for each contract. On the last page, you will find a list of all your applications for credit.
What if you don’t agree with your report?
If you suspect your report is inaccurate or includes outdated information, you can dispute the report in person at any of the Al Etihad Credit Bureau’s customer service locations in Abu Dhabi or Dubai. However, you must present relevant documentation such as a bank statement or utility bill as proof.
Who can access credit reports?
Any individual with a bank account can apply to see their credit report
Where?
Visit AECB’s customer service centre in Dubai or Abu Dhabi and present Emirates ID, passport and a Dh110 fee.
What you need?
In order to see the report, you need to provide documentation. Individuals must produce their original Emirates ID card and a passport copy. In the case of authorisation, you should carry a copy of the Emirates ID card and passport of the owner of the credit report, the original Emirates ID of the authorised person, and an original notarised Power of Attorney or an authorisation letter that includes authentication of the customer’s signature from a bank.
Price
Prices range from Dh70-Dh220.
