When you arrive in a new country with the motive of starting a new life, you end up starting from scratch. And in the initial stages, it becomes quite difficult to even apply for loans or any other credit products. However, this is going to change for the new residents in the UAE. There’s a new Credit Passport that allows newcomers to apply for finance products on the basis of their credit history from their home country. Here’s everything you need to know about this development in the UAE.
What Is A Credit Passport?
For those who are wondering, a credit passport allows lenders to assess whether newcomers in the UAE, can be given a credit. The creditworthiness of these new residents extends to credit products like phone plans based on one’s real-time business banking data, loans, and even credit cards. This system has been brought by Al Etihad Credit Bureau, which has partnered with Bureau Nova Credit, a consumer-permissioned credit bureau.
Who Is Eligible For A Credit Passport?
It’s worth noting that a Credit Passport is available for AECB customers who have financial histories in the countries of India, the Philippines, and the United Kingdom. However, it’s also worth noting that other countries are soon going to follow suit! This collaboration and approval of large-scale applications let the AECB subscribers access the translated credit history of the new residents in the UAE. The subscribers of the ECB include local and international financial institutions and lenders’ data based in the UAE.
Also Read: UAE Investors Can Now Get A Second Passport From A Caribbean Country. Details Inside!
What Are The Benefits Of Credit Passport For AECB Subscribers?
There are several benefits to the subscribers of AECB. One of them is that the subscribers of AECB get access to millions of standardised consumer data from several of the leading credit bureaus across the world. Not to mention, a person’s credit report also relays the story about their total credit history in the UAE. This includes everything from the usage of credit cards and loans to any other financial products that they might have signed up for and even their payment behaviour.
So, if you happen to be an AECB customer and a new to the UAE, a credit passport will certainly make applying for credit products easier!
Cover Image Courtesy: Wikimedia Commons