UAE residents can now access credit reports via an app

UAE citizens and residents can now access their credit reports and credit scores via a mobile app launched by the Al Etihad Credit Bureau (AECB).

The app offers the services to individuals from all the emirates, a statement said.

Previously, the credit report and score could only be purchased at the AECB customer happiness centres in Abu Dhabi or Dubai.

App users will be able to authenticate their identities via an OTP delivered to the mobile number registered with their bank or through SmartPass, the single credential to access UAE government services.

“Most people visit AECB customer happiness centres as a result of being rejected for a loan or credit card,” said Marwan Ahmad Lutfi, CEO of AECB.

“It is noteworthy to mention that all banks and finance companies in the UAE analyse individual credit reports and scores before making the decision to approve or reject an application for new credit. It is, hence, crucial for individuals to review their credit reports before committing to new financial obligations,” he added.

Also read: UAE residents finding it harder to get approval for new credit cards – report

To update information in the credit report, the AECB app will provide users the option to directly email the concerned information provider regarding any data corrections.

AECB has also provided the necessary tools to all information providers to make the necessary changes or corrections upon verification in real time through online channels, the statement added.

“The AECB app marks the transition into digital services provision, a key shift towards delivering credit information in a faster and more convenient way,” said Lutfi.

Users have to pay Dhs126 (including VAT) to buy a credit report with the score via the app, while the prices for the credit report and credit score alone stand at Dhs84 and Dhs52.5 respectively, The National reported.

AECB, which has a database of 4,500,000 individuals, started operations in late 2014. Currently, 70 entities provide credit information in a recurrent manner while 95 entities subscribe to its services.

The new application is available for free on both iOS and Android platforms via the Apple and Google stores.