Al Etihad Credit Bureau (AECB) partnered with the consumer-permissioned credit bureau Nova Credit to allow new UAE residents to use their home country’s credit history while applying for financial services in the UAE.
Credit Passport is currently available for AECB customers to support credit applications with financial history in India, the Philippines, and the United Kingdom, with additional countries to follow in the near future.
Credit Passport enables lenders to assess the creditworthiness of newcomers to issue credit products like credit cards, loans, and phone plans based on your real-time business banking data.
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The collaboration facilitates real-time, large-scale application approvals by enabling AECB subscribers, namely UAE-based local and international financial institutions and lenders, access to translated credit history of new UAE expatriates, upon their approval as part of credit applications, the company said in a press note.
Marwan Ahmad Lutfi, CEO of AECB, said, “As we continue to introduce cutting edge products to our customers, we reiterate our commitment to creating a positive social impact, in line with the UAE’s vision of becoming the epicentre of a borderless global economy.”
“Building a borderless financial system has been our guiding vision since our inception and by bringing the Credit Passport to new parts of the world we are one step closer to making this a reality,” said Misha Esipov, Co-Founder and CEO of Nova Credit.
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AECB’s new foreign credit data will offer several benefits to subscribers which includes integrated access to hundreds of millions of standardized consumer data records from dozens of leading credit bureaus around the world.
AECB and Nova Credit’s end-to-end data delivery model, which undergoes rigorous quality control processes, is fully compliant with foreign and UAE jurisdiction regulations, the company said in a statement.
AECB was set up in November 2014 to bring transparency to the lending industry by collecting a credit record of the UAE’s financially active residents. It collects data such as loan, mortgage, credit card and phone bill payments.
A person’s credit report shows about their total credit history in the UAE, which involves usage of credit cards, loans or other finance products they have signed up for, along with their payment behaviour.
