While living in UAE, you might need to get a loan to start a business or for other needs. So, your credit score is crucial in getting a loan. The better your credit score, the higher your chances will be in getting a higher amount of loan. So, you might ask how I can check my UAE Credit Score. Today, we’ll walk you through a complete guide through which you can check your credit score in UAE. A complete list of how you can improve your credit score has also been shared below.
Let’s get started.
What Is Meant By A Credit Score?
Credit Score represents your financial ability to pay your debts. It comprises of three digits. Banks and other financial institutions grant you loans and other financial products by measuring your credit score. A higher credit score indicates your creditworthiness.
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What Is A Good Credit Score?
A good credit score in UAE ranges from 680-730. Normally, any credit score above 700 is considered good, and any credit score below 300 is considered dangerous.
Having a good credit score can help you in getting loans and other financial advantages from banks easily, and in case if you have a credit score below 300, then it’s more likely that you might not be able to get a loan from the bank.
So, in order to get a higher loan, you must have a credit score of 700 or above.
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How My UAE Credit Score Is Calculated?
You might be thinking, how my credit score in UAE is calculated? Al Etihad Credit Bureau (AECB), a UAE government-based company, calculates your credit score.
AECB collects the history of all the payments, including bill payments, loan payments, mortgages, credit card payments, and other factors of all the individuals and companies, and issues a credit score based on all the factors. It has been serving credit reports since 2014.
It’s worth noting that companies’ and individuals’ credit scores may vary depending upon their habit of paying their bills and other stuff on time from time to time.
How Can I Check My UAE Credit Score?
You can check your credit score easily, both online and offline.
1. Checking your UAE Credit Score Through The AECB Website
You can easily check your credit score online through the AECB website. Follow the steps below to get started.
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2. Checking your Credit Score Through The AECB App
You can also check your UAE credit score using the AECB App. Follow the steps below to get started.
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3. Checking your UAE Credit Score 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 Valid Email Address, and ask them to check your Credit Score. They’ll check your Credit Score and will also provide you with a report. Please note that the charges for checking your Credit Score and getting a report differ.
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Cost of Checking Your Credit Score in UAE
There are different charges for checking your credit score in UAE for individuals and companies. Let’s have a look at them.
The charges for companies are mentioned below:
The charges for individuals are mentioned below:
Requirements for Checking Your Credit Score
In order 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 the following documents:
Requirements for Individuals
If you’re an individual, you’ll need to provide the following documents:
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Tips on How To Improve Credit Scores in UAE
You might ask, “How can I Improve My Credit Score in UAE?” Look at the tips below that can help you improve your credit score.
A complete guide on UAE Credit Scores has been shared above, along with the methods through which you can check your credit score in UAE, its requirements, and fees and tips have also been shared above through which you can improve your credit score. You can follow the above-mentioned guide to check your credit score and how much it’ll cost you.
Sheikh Faisal is a Legal Services Consultant residing in UAE since 2018. He’s providing services related to Emirates ID, Emirates Visa, and other Emirates Services. He’s sharing his knowledge to benefit people seeking Emirates ID and other information.