Whether you are applying for a mortgage in Dubai or need credit for other personal or business ventures, your AECB report is going to be a major deciding factor. It shows how good you are with money and whether lending institutions should trust you or not. Here is everything you need to know about AECB.
What is the AECB (Al Etihad Credit Bureau) Credit Report?
First of all, AECB stands for Al Etihad Credit Bureau. It is a federal institution in the United Arab Emirates that collects, maintains, and provides all necessary data related to the credit history of a person, firm, company, etc.
The bureau collects data from lending institutions, banks, and similar bodies. Lenders and financial institutions in the UAE require loan or mortgage applicants to provide the AECB report as a mandatory document in the loan application. Lenders may initiate an AECB report request with the loan applicant’s written consent.
The Al Etihad Credit Burea credit report provides information on various elements such as:
- Overdue payments
- Information on current and past credit facilities
- Records related to bounced checks and defaulted payments
- Payment history of previous 24 months
How to Raise a Dispute over AECB Credit Report?
If you think there is an error or incorrect information on your AECB credit report, here is what you can do.
- Visit AECB to register a dispute; a customer representative from AECB will raise a dispute flag in the AECB’s system.
- The data management team in AECB will verify the disputed information from the concerned credit-providing institutions within 20 days of registering the dispute.
- The customer care representative will then provide feedback related to the issue.
Documents Required to Raise a Dispute over AECB Credit Report
The authentic Emirates ID card of the customer is required for verification. In authorization cases, it is necessary to provide the following items.
- A duplicate of the customer’s valid Emirates ID card (the owner of the Credit Report)
- The authentic and valid Emirates ID card of the authorized person submitting the dispute
Additionally, submit either an original notarized Power of Attorney accepted by Al Etihad Credit Bureau or an authorization letter containing the customer’s signature authentication from the bank.
To initiate a dispute, complete an online dispute form and include the following:
- A recent valid Credit Report.
- All supporting documents that validate the legitimacy of the customer’s dispute.
What’s more,
- AECB protects consumer data according to UAE rules and regulations
- It collects consumer data from lending institutions and similar organizations. Applicants don’t have to provide such data.
Frequently Asked Questions
Can I get my AECB credit report card?
Yes, you can get the AECB credit report after paying the fee, which is different for individuals and companies.
How can I get my AECB credit report?
Individuals can get their credit report by visiting the customer service center and providing the following documents.
- Applicant’s original Emirates ID card
- Applicant’s passport copy
In case of authorization, the applicant must bring
- Customer’s (owner of the credit report) copy of valid passport and Emirates ID card.
- Authorized person’s original Emirates ID card
- Original notarized Power of Attorney accepted by Al Etihad Credit Bureau or an authorization letter containing the customer’s signature authentication from the bank
- A duly filled-in Credit Report Consent Form
What is consent?
The consent is a signed permission from a person or a company. It is for banks or other authorized institutions to get credit reports from the AECB about individuals or companies. This permission needs to be in written form.
