Everyone in UAE is aware of AECB(Al Etihad Credit Bureau) credit reports and the role it plays when a person applies for a loan or credit card in UAE. None of the banks in UAE approve a loan or credit card without running the applicant’s credit score check.
What does AECB report consist of?
The credit report generated by AECB will have all the information right from the personal information to the number of bank accounts you hold, loans and details, and credit cards in UAE etc. All these details will be updated from time to time.
Currently, the AECB report includes the incoming and outgoing cash flow where it has only the details of loans, credit cards, and any other debt payments in UAE. In near future, AECB is planning to include each and every financial detail of a UAE resident in the credit report. This may include rent payments, utility bills, telecommunication bills, etc.
According to AECB’s recent report, it has 4.5 million residents and 2 lakhs companies listed with them. Where 71 financial and non-financial organizations provide them with the data. In order to improve transparency regarding every resident’s financial status, AECB is planning to include monthly expenses as well.
What all to be included in an AECB report?
AECB is already getting data from the telecom companies so the credit report may have your telecom bill payment history. It will include rent bills, utility bills, RTA fines, court data. Right now the monthly income is combined and provided as the incoming cash flow but further, it would be split into salary and other income sources like bonds, stocks, rents, etc.
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