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Maintain a Good Credit Score

Are you planning to apply for a credit card or loan?

If yes, it means that banks and financial institutions need to define your credit risk by examining your credit score, which is generated through a credit report.


So, what is a credit report? 

A credit report is a document extracted from Al Etihad Credit Bureau (AECB) that includes your personal identity information, details of your personal liabilities (such as credit cards, loans, and other credit facilities), payments, and any bounced cheque history. This information is provided by all UAE financial institutions monthly, which helps in assessing the credit standing of an individual or company when reviewing a loan, credit card application, or any other credit facility.


Now, what exactly is AECB? 

The AECB is a UAE federal government organisation that collects credit data, information, and financial commitments from banks and financial institutions to provide credit reporting to individuals, financial institutions, and companies in the UAE as permissible by the laws and regulations of the UAE.


What is a credit score?

A credit score is a three-digit number that displays a customer's financial management history. Through the credit score, the financial institution can estimate the customer's ability to make future repayments.

A good credit score from AECB ranges from 300 to 900. A low credit score indicates a higher risk, whereas a higher score indicates a lower risk. A good score helps assess your creditworthiness and grants additional loans and credit cards compared to a low score, which could deny you those benefits.

A low credit score could be due to: 

  • Non-repayment of loans
  • Irregularity in utility bill payments
  • Opening numerous bank accounts within a short span of time
  • Using different credit cards

Investing constructive time in focusing on your credit history and personal finances can help drive positive financial wellbeing. As the AECB credit score is dynamic, certain fundamentals can help improve your credit score:

  • Making punctual repayments
  • Managing existing credit cards efficiently
  • Avoiding too many loans or credit cards

Your credit score can be affected by several things, including delayed loan repayments and multiple rejected credit card applications. Follow these simple steps to maintain a strong credit score:

  • Complete credit applications carefully and accurately.
  • Use your credit cards responsibly - don't let them reach their limit and avoid spending beyond your means.
  • Choose your credit cards and loans wisely and ensure you understand all the terms and features.
  • Pay your credit card balance in full each month, and if you can't, at least make the minimum payment by the due date.
  • Always pay utility bills on time (electricity and mobile).
  • If you have trouble paying your credit card balance or loan instalments, contact your creditors. In many cases, they will work with you to figure out a payment plan that is best suitable for you.
  • If you move, let your creditors know your new address as soon as possible to avoid losing bills or receiving them late.
  • If your credit card is lost or stolen, report it to the issuer immediately.
  • Check your credit report and score periodically. If you spot any inaccurate entries or incorrect/duplicate information, report them immediately to your bank to ensure your score is calculated correctly. For example, if you always make on-time payments, but the report shows several late payments, or if there is an account on your credit report that you did not open, this may be a result of identity theft, and disputing and correcting it is the appropriate approach.
  • Establish a consistent work history.

Make sure to regularly check your credit score to ensure there are no discrepancies. You can proactively monitor your credit report and score by visiting or downloading the AECB app from Google Play or the App Store.

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