Dubai: If you are planning to apply for a loan or credit card in the UAE, one of the top factors that can determine whether your application is accepted or rejected is your credit score.
Here is all you need to know about what your credit score is and how you can get your credit report.
What is a credit score?
A credit score is a three-digit score assigned to an individual that plays an important role in deciding your eligibility for a loan or credit card at the bank. The higher your credit score the more benefits you can enjoy like faster processing, less paperwork, low interest rates, high loan amounts and credit limits.
Al Etihad Credit Bureau
The Al Etihad Credit Bureau (AECB) provides the credit report, which includes the credit score of an individual. It collects financial information of an individual from various sources and generates a report by analysing the details.
The report consists of the relevant financial information like the number of loans, credit cards, how frequent the credit instalments are being paid, due dates and delayed payments, skipped payments, utilization of the credit limit, number of debit cards held, bounced cheques, etc.
The credit score ranges from 300 to 900. The higher the score, the higher the probability of getting a loan approved.
Usually, a credit score above 700 is considered good. A score below 400 is most likely to be turned down by most banks. If your credit score is somewhere in between the two, you can improve it as well. If you miss payments on existing commitments, like credit card payments or your electricity bill, these can have a negative effect on your credit score.
Before applying for a loan, make sure your credit score is good to avoid rejection.
How can I get my credit report?
You can request for your credit report or credit score online by visiting https://aecb.gov.ae/credit-score
You can also get it by downloading the Al Etihad Credit Bureau app.
How much does the credit score cost?
You can get your credit report with score for Dh105 or just get your final credit score by paying Dh31.50