How To Check Your UAE Credit Score In 6 Easy Steps. While living in the UAE, you might need to get a loan to start a business or for other needs. Your credit score is crucial in securing a loan, as a higher credit score increases your chances of getting a larger loan amount. So, how can you check your UAE Credit Score? Today, we’ll walk you through a complete guide on how to check your credit score in the UAE. Additionally, we’ll share tips on how to improve your credit score.
What Is Meant By A Credit Score?
A credit score represents your financial ability to pay your debts and is comprised of three digits. Banks and other financial institutions use your credit score to determine your eligibility for loans and other financial products. A higher credit score indicates greater creditworthiness.
What Is A Good Credit Score?
In the UAE, a good credit score ranges from 680-730. Typically, any credit score above 700 is considered good, while a credit score below 300 is considered poor.
Having a good credit score can help you secure loans and other financial advantages from banks easily. If you have a credit score below 300, you might struggle to get a loan from the bank.
How Is My UAE Credit Score Calculated?
You might wonder how your credit score in the UAE is calculated. Al Etihad Credit Bureau (AECB), a UAE government-based company, calculates your credit score.
AECB collects the history of all your payments, including bill payments, loan payments, mortgages, credit card payments, and other factors for both individuals and companies, and issues a credit score based on these factors. AECB has been providing credit reports since 2014.
It’s important to note that credit scores for individuals and companies may vary depending on their habits of paying bills and other obligations on time.
How To Check Your UAE Credit Score In 6 Easy Steps
You can check your credit score easily, both online and offline.
1. UAE Credit Score Check Through The AECB Website
You can easily check your credit score online through the AECB website. Follow these steps to get started:
Step 1: Visit the official AECB website.
Step 2: If you’re an individual, select “For Individual,” and if you’re a company, select “For Companies.”
Step 3: Click on “Get a Credit Report Now”.
Step 4: You’ll be redirected to the login page. If you already have an account, then “Login.” If you’re new, then sign up.
Step 5: Click on “Get Report”.
Step 6: Pay the fee, and your credit report will be downloaded.
2. Credit Score Check Through The AECB App
You can also check your UAE credit score using the AECB App. Follow these steps to get started:
Step 1: Download the AECB App from the iOS or Google Play Store.
Step 2: Login by scanning your Emirates ID.
Step 3: Click on “Get Credit Report.”
Step 4: Pay the fee, and you’ll be able to download the report.
3. UAE Credit Score Check Through The AECB Branches
You can also check your credit score by visiting AECB branches. Visit any AECB Branch, provide them with your Passport Copy, Emirates ID, and a Valid Email Address, and ask them to check your Credit Score. They’ll check your Credit Score and provide you with a report. Note that the charges for checking your Credit Score and getting a report may differ.
UAE Credit Score Check Fee
There are different charges for checking your credit score in the UAE for individuals and companies.
For Companies
The charges for companies are:
Through AECB Website
- Credit Score: 10.50 AED
- Credit Score with Report: 157.50 AED
Through AECB Branches
- Credit Score: 21 AED
- Credit Score with Report: 189 AED
For Individuals
The charges for individuals are:
Through AECB Website
- Credit Score: 10.50 AED
- Credit Score with Report: 84 AED
Through AECB Branches
- Credit Score: 21 AED
- Credit Score with Report: 105 AED
Requirements for Checking Your Credit Score
To check your credit score in the UAE, you’ll need the following documents:
Requirements for Companies
If you’re a company, you’ll need to provide:
- Valid Email Address
- Valid Trade License
- Company’s Manager, Owner, or Partner Authorized Letter
- Bank’s Authorized Signatory
- Other Documents that AECB Customer Representatives may request.
Requirements for Individuals
If you’re an individual, you’ll need to provide:
- Passport Copy
- Original Emirates ID
- Valid Email Address
- Other Documents that AECB Customer Representatives may request.
Tips on How To Improve Credit Scores in UAE
You might ask, “How can I improve my credit score in UAE?” Here are some tips that can help:
- Avoid cheque bounces.
- Don’t use your entire credit limit and pay off your debts.
- Make your payments before the due date or on time.
- Don’t apply for too much credit. Reducing your loan and active credit cards can help improve your credit score.
- Dispute any inaccuracies. Incorrect information can reduce your credit score.
Conclusion
A complete guide on UAE Credit Scores has been shared above, along with methods to check your credit score in UAE, its requirements, and fees. Tips to improve your credit score are also included. Follow the guide above to check your credit score and understand the associated costs.
