Dubai: Want to know the likelihood of a cheque bouncing? Then, check out the new ‘ChequeScore’ portal from the UAE credit agency, Etihad Credit Bureau. The ChequeScore initiative was put through some rigorous tests before it went live, and allows businesses and individuals to know the chances of a cheque issued through a local bank getting bounced.
During the trial run, more than 11,000 cheques – with a total value of Dh788 million - were scanned through the mobile app. Since the launch, ChequeScore’s app downloads have touched 21,532 in over a month. The overall value for all cheques scanned amounted to over Dh815 million.
Once a user registers, they can scan a cheque, upload a cheque image, or enter the data manually. By completing the purchasing process, the user will immediately be shown the Cheque Score - ranging from 1 to 99 per cent and indicating the probability of a cheque to bounce in the next nine months.
The Score is calculated using the issuer’s Credit Score, another product provided by Etihad Credit Bureau, with cheque issuance and clearance history, on-time payment patterns, and other factors considered that support the predictive nature of this score.
With ChequeScore, the credit tracking agency expects to lower the number of bounced cheques and a ‘push for financial accountability’.