How to Check Credit Score in UAE

Credit score plays a very important role in getting loans, credit cards, and other financial products in the UAE. Fortunately, you can check your credit score online from anywhere, whether you’re making a financial decision or just assessing your financial situation.

Credit score is an important part of your financial future and you need to know it so that you can see your financial situation and make financial decisions.

Checking your credit score will make it easier for you to manage your finances better. Here we are going to tell you complete details and methods to check credit score in UAE.

What is a Credit Score in the UAE?

A credit score is a financial number that reflects your financial standing. Credit scores in the UAE are primarily used by banks and financial institutions to assess whether you will be able to repay a loan once you get it. The better your credit score, the easier it is to borrow money and the lower the interest rate.

In the United Arab Emirates, the Credit Bureau (AECB) provides credit score details. This agency collects information from a variety of financial institutions and compiles your credit score in one place. This includes banks, credit card companies, and other lenders. If we put it in simple words, it shows your financial reputation.

What Is A Good Credit Score?

A good credit score reflects your strong financial standing, usually above 700. A credit score in the United Arab Emirates ranges from 300 to 900, with a score of 700 or above considered very good. A CRATE score between 800 and 900 is considered excellent and can get you a bigger loan and a lower interest rate. To understand the credit score we provide you information in a table so that you can get better guidance.

Credit Score	Rating	Description
300 – 579	Poor	It may be difficult to obtain credit with this score.
580 – 669	Fair	Credit can be obtained, but interest rates may be higher.
670 – 739	Good	Credit is obtainable with favorable terms.
740 – 799	Very Good	Access to credit with lower interest rates is available.
800 – 900	Excellent	Best terms and lowest interest rates on financial products.

This table helps in understanding how different credit score ranges affect your ability to secure credit and the terms you might receive.

How Is My UAE Credit Score Calculated?

Various factors are taken into account to calculate a credit score including:

1. Payment History: How you’ve been paying off loans, credit cards, and other financial obligations is the most important factor. Paying on time improves your score while paying late lowers your score.
2. Amount of Debt: A high loan amount or high amount of borrowing also affects your credit score.
3. Credit History Length: Credit history is very important because the longer it is, the easier it is to understand. A long credit history is considered better because it shows that you have managed financial obligations for a long time.
4. New Credit Applications: Repeated applications show that your financial situation is unstable.
5. Types of Credit Used: Using different types of credit (such as loans, credit cards, and home loans) can have a positive impact on your score. It shows that you can handle responsibilities well.
6. Economic Conditions: Domestic and global economic conditions can also affect your credit score – if your country’s financial conditions are not good or you are unemployed, your score may still be low.

How Can I Check My UAE Credit Score?

You can check Credit score in UAE using the AECB website, app and by going to their branches. Provide your Emirates ID and get the complete report. When you want to get a statement of your credit score, you have to pay a fee starting from 10.50 AED. Here are the step-by-step instructions on how to do that.

1. Check Credit Score Through The AECB Website

There is an easy procedure to check your credit score in UAE on the website of “Etihad Credit Bureau” (AECB). You can check your credit score by sitting anywhere.

1. First of all, Visit the official AECB website at etihadbureau.ae
2. If you are an individual then select “Individual” and companies select “For Company“
3. Now, click on “Get a Credit Report Now”.
4. You will be redirected to the login page where you have to put login details if you have an account. You can also use UAE Pass to log in and create an account quickly.
5. Select the “Get Report”
6. Pay the Fee and download the credit report.

2. Check Credit Score Through The AECB App

1. Download and Install the AECB app for iOS and Google Play Store.
2. Login to your account by scanning your Emirates ID
3. Tap on “Get Credit Report” and wait
4. Pay the fee and then download the report

Check your UAE Credit Score Through The AECB Branches

1. Find the AECB branches near you by searching the “AECB branch near me” on Google
2. Take all necessary documents such as Emirates ID, passport copy, and email address.
3. Ask them to check your credit score at the branch.
4. Submit the documents, and in no time they will provide you with a report for which the fee may vary.

Cost of Checking Your Credit Score in UAE

You may have to pay a credit check fee on the AECB website which may vary from just viewing the score and getting the report. But generally, this fee can range from AED 100 to AED 150.

Sometimes you can also buy an annual subscription plan from AECB which usually costs between AED 200 to AED 300. There is fee information for both individuals and businesses.

For Companies

TYPE	Website Fee	Branch Fee
Credit Score	10.50 AED	21 AED
Credit Score with Report	157.50 AED	189 AED

For Individuals

TYPE	Website Fee	Branch Fee
Credit Score	10.50 AED	21 AED
Credit Score with Report	84 AED	105 AED

Why is a Good Credit Score Important?

A good credit score plays a very important role in financial life as it makes it easier to get loans, credit cards, and other financial services. Having a good credit score allows lenders to provide loans quickly and as per your requirements without much investigation. Here are some more benefits and reasons why a good credit score is important.

1. You can easily get a loan as per your requirement
2. A higher credit score provides lower interest rates
3. You can borrow more to better manage expenses or emergencies.
4. This can make it easier for you to get a job.
5. With a good credit score, you can easily get anything on a rental property, or installments

Understanding Your Credit Report

When you get your credit report, it is based on a variety of factors. It contains everything you did to use the money or show your financial behavior. Whether you took a loan from somewhere, paid a bill for anything, or borrowed something in installments, every single check is recorded here. With this report, you can also understand why your credit score is low and you can fix it.

Also read: How to Check Emirates ID Status Online

Key Elements of Your Credit Report

• Personal Information: This section contains your personal details, such as your full name, address, date of birth, and identification number (such as Emirates ID, passport number) etc.
• Credit Accounts: Contains your credit information such as credit cards, loans, and mortgages with full details such as account type, date opened, credit limit or loan amount, current balance, and payment date.
• Payment history: Payment history is an important part of your credit score and plays a very important role. In this section, you will find all the information about what type of payment has increased or decreased your credit score.
• Account Status: This section contains all your account information, which account is active and which is closed, fully paid or defaulted.
• Duration of Credit History: This indicates how long your credit accounts have been active. A longer period usually gives a positive score.

How to Get a Credit Report

The best option is to get the report through Credit Bureau (AECB) website. There are some more optiions like using the app, visiting he AECB branch. Using the AECB website, You can get the report while seting at home without any hassle. Just follow the quick instrctions.

AECB Website:

• Visit the official website etihadbureau.ae/.
• Select the “Individual” or “For business” and click on “get credit report” button
• Enter the lg
• Create an account using the UAE Pass or your personal informations like Email, number, Emirates ID, age and account type.
• Verify your indentity
• Once the acocunt is created, Login to your accunt.
• Request your credit report and select the report type like “Summery” and “detailed report”.
• Pay the fee using Google Pay or your account debit card
• Download the report and review it.

Common Misconceptions About Credit Scores

There are many misconceptions people have about credit scores, which make it difficult for them to make financial decisions. These misconceptions make it difficult for people to understand the credit score and get it right. Here are some misconceptions that you must understand.

Does checking a credit score lower a score?

Many people believe that doing a credit score check will lower their score. This is a misconception and does not affect your credit. But yes, if a financial institution checks your credit record called a “hard inquiry” it can have some impact on your credit.

By not using a credit card, the credit score improves.

Many people believe that if they don’t use a credit card, their score will improve. However, not using a credit card reduces the credit history, which can negatively affect the score. When you use the credit card regularly, you will get a positive score.

Does credit score only matter for loans?

It has been observed in most of the people that they always think that the credit score is good and better by taking a loan. Actually it depends on many aspects especially in your life finance decisions.

Can a once-bad score never be fixed?

It has also been observed in people that they think that once a credit score is bad, it is not fixed. This is their misunderstanding. Even if one has a bad score, making regular and timely payments, using less debt, and maintaining a good credit history can improve the score.

Requirements for Checking Your Credit Score

Checking the credit score for inviduals and companies have diffrent requirments. In order to check the credit score you will need following documents.

Requirements for Companies: Orignial Emirates ID, Email address and a Passport copy

Requirements for Individuals: Authorized Letter, Valid Trade License, Bank’s Authorized Signatory and a Valid Email Address.

Tips on How To Improve Credit Scores in UAE

If your UAE credit score is low and want to improve this, don’t worry, read these tips.

• Make timely payments: A lot of credit score depends on your payment history. When you make all your loan, bill, and credit card payments on time, your score will be positive.
• Keep credit card balances low: Keep your credit balances low and use less than 30% of your credit limit. One thing to remember is that low credit utilization can improve your score.
• Maintain Old Credit History: Try not to close your old credit accounts as an old credit record can create a good score for you. Don’t even take out a new credit card or loan out of necessity as this can temporarily affect your score.
• Prioritize loan payments: Make your loan payments on time and make them a high priority. Making early payments can improve your score.

Summary

Checking credit score is a very easy task and paying attention to it can also give you a lot of benefits. You can improve your credit score by paying your debts, bills and other amounts on time. A company or an individual can easily check it online with some fees.

Any kind of financial decision affects your score and this score plays a very important role in your financial life. Hope you have got complete information about its benefits and some misconceptions. If you face any problem you can ask in comments.