Ultimate Guide to Your AECB Credit Score in Dubai

Dubai is one of the most vibrant cities in the world, renowned for its thriving economy, towering skyscrapers, and luxurious lifestyle. With a fast-paced financial sector, keeping a good credit score is of utmost importance for residents of Dubai. A good AECB credit score opens up many opportunities and allows you to access credit easily when you need it.

By the end of this article, you’ll be able to get a better understanding of your credit score, how you can check your AECB credit score in Dubai, its importance, and what factors can influence it.

Your credit score is used by financial institutions, banks, and other lending institutions to determine whether you are eligible for a loan or credit card.

A high credit score indicates that you are a low risk to lenders and creditors which results in lower interest rates, more favorable loan terms, and greater access to credit.

How to Check Your AECB Credit Score in Dubai

One of the first steps towards resolving any issues related to raising debt is to check your credit scores by requesting a copy from the Al Etihad Credit Bureau (AECB).

Basically, there are two ways you can go about checking your credit score in Dubai if you are an individual;

• AECB Official Website
• AECB’s Credit Report App

How to check your credit score on AECB’s website

• Go to aecb.gov.ae
• Signup for an AECB account by providing the necessary details as per your Emirates ID
• Once you are logged into the portal, Click on “Get Your Credit Score & Report”
• Choose “Credit Score”
• Click “Buy Now” and make the relevant payment to get your score.

How to check your credit score on AECB’s Credit Report App

• Log in to the app by scanning the Emirates ID
• Click on “Get Your First Credit Score”
• Checkout by paying the relevant amount to get your score

Checking the AECB credit score of companies in Dubai

To obtain a credit report and score for a company, visit the AECB Customer Happiness Centers with the original and valid Emirates ID of the company’s owner or authorized signatory, the original trade license, and the original Articles of Association.

Factors that affect the AECB Credit Score

It is important to understand what factors contribute to your AECB credit score in Dubai. Some of these factors include:

Payment History

Your payment history is the most critical factor in determining your credit score. It reflects how consistently you have made payments on time, and how late payments or defaults have impacted your credit. Late payments, bankruptcies, or collections can have a significant impact on your credit score and can stay on your credit report for several years.

Outstanding Debt

The amount of outstanding debt you have, including credit card balances, loans, and other forms of credit, can also impact your credit score. High levels of debt can indicate that you are overextended and are more likely to miss payments or default on your loans. This can negatively impact your credit score.

Credit Utilization

Credit utilization refers to the amount of credit you are using relative to the amount of credit you have available. A high credit utilization can have a negative impact on your credit score, while a low credit utilization can have a positive impact.

Length of Credit History

The length of your credit history is also an important factor in determining your credit score. A longer credit history can help to improve your AECB credit score, as it provides lenders with a more complete picture of your financial behavior.

Types of Credit

The types of credit you have can also affect your credit score in Dubai. For example, having a mix of credit types, such as a mortgage, a car loan, and a credit card can indicate responsibility and stability, which can help to improve your credit score.

Recent Credit Activity

Having multiple recent account openings or applications may raise red flags and negatively impact one’s AECB credit score, as it may indicate financial difficulties.

How can you maintain a good AECB credit score in Dubai?

As discussed above, there are many factors that can affect your credit score. Following are some of the ways that help you maintain a good credit score in Dubai.

• Paying bills on time: If you delay or make partial payments on your credit card bills, it can negatively impact your score. This also applies to many ongoing monthly payments such as personal loans, auto loans, mortgages etc.
• Avoid adding more debt to existing ones: If you already have a personal loan under your name and are yet to pay it off, it’s best not to open more lines of credit.
• Use your credit cards in moderation: Though it’s a good idea to have a credit card to maintain a good credit score in Dubai, you need to make sure to pay on time each month and try to use it only for purchases that you can afford.
• Clear out any existing dues: If you have any existing dues, paying them off on time is one of the best ways to improve your credit score.
• Make more deposits than required: If you have any outstanding close to the end of a billing cycle, making additional deposits to cover the next billing cycle is an indicator that you’re financially stable which in turn can improve your credit score.

Why do you need to maintain a good credit score?

Simply put, a good credit score will ease your financing requirements in Dubai. Your lenders may use the credit score to:

• Determine if they will offer loans or credit cards.
• Set loan amounts or credit card limits.
• Approve insurance plan applications.
• Evaluate rental applications.
• Assess risk for unsecured loans.
• Determine eligibility for postpaid telecom services.

Additionally, having a good credit score in Dubai can also help you with more lifestyle advantages as mentioned below:

• Low rates on credit cards and loans: A good AECB credit score will entitle you to lower interest rates which can be used to refinance your businesses.
• More options for renting accommodation: Whether you’re renting an apartment or a townhouse in Dubai, a good credit score will expand your options. Some agents use AECB’s data to assess a tenant’s ability to pay the rent, which can be in your favor.
• Nominal premiums on car insurance: If you are a car owner with a good credit score, you have a high chance of receiving good offers on car insurance premiums.
• Better employment opportunities: In some instances, employers will inquire about your credit score to assess your financial discipline and situation.
• Long-term leases and property mortgages: A high credit score will help you easily obtain favorable terms with financial institutions to arrange for a mortgage if you’re looking to purchase a house.

Common questions relating to AECB credit score