business

|

August 22, 2021

|

1563 views


| Your comment matters, please click here to rate article!



It is important that you develop the habit of being aware of the relevance of your credit report and also develop a habit of regularly checking the same. ‘Credit report’ in short, can determine your buying power and can influence the decisions for obtaining a loan from a bank, renting or purchasing any real estate. It is even said to be relied on my prospective employers to validate your reliability towards financial obligations. A financial institution can often rely on your credit report to determine whether you qualify for the issuance of the loan and also to determine the deposit amount that you need to pay in order to obtain a loan. For these various requirements, you must regularly check your credit report and credit score and aim to create a strong credit history.

In the UAE, the federal organization of ‘Al Etihad Credit Bureau’ (AECB) is responsible for collecting all credit data and information and is tasked with the responsibility to provide accurate credit reports to individuals, financial institutions and also companies in the UAE. The AECB was established in 2014 as a PJSC entity wholly owned by the UAE federal government, with its offices in the emirates of Dubai and Abu Dhabi.

A ‘credit card report’ can be requested from AECB by any individual, company or financial institution in the UAE. Such credit reports could include the following details such the entire credit history, payment history for the last twenty-four months, overdue payment amounts, records of defaulted payments, a record of bounced cheques.

A credit report obtained from AECB will include in it the following details

:
  • Record of your current and previous credit facilities
  • Your payment overdue, if any
  • Your entire payment history for the last twenty -four months
  • Records of your defaults including bounced cheques, if any

How to dispute Credit report:

Consumers are allowed to dispute any data that is presented in the ‘Credit Report’ issued by AECB and are also allowed the opportunity to prove any given data to be incorrect by submitting supporting documents. For raising a dispute, a person has to submit their original valid emirates id at the time of raising the dispute for verification and proceed to fill a ‘dispute form’. The customer is also required to submit with the application a copy of the latest credit report.

This essentially means that you can raise a dispute only concerning your latest reports. The turnaround time for a dispute to be addressed is usually twenty working days. In resolving disputes, AECB works in tandem with the lending institution itself that has provided the necessary data to ensure its validity. Further, AECB takes into account the supporting documents provided by the customer to prove their claim. Once the dispute is resolved, AECB representatives proceed to contact the customer and provide their feedback concerning the dispute.

In essence, review your credit reports on a periodic basis to check for any inaccurate or incomplete information and, in such instance, proceed to raise a ‘dispute form’ with AECB. It should be well understood that your credit report affects your overall credit score, which constitutes a parameter to determine your likeability to miss a payment in the future. Hence it constitutes a very critical analysis report for your overall payment behavior.


Related Links


Copyright © of this article is retained by the author and/or other copyright owners. We explicitly grant you permission to download a copy, without any alteration, of this article for personal non-commercial research or study, without prior permission or any charge. This article can be utilized on your website or for marketing, however, we grant you permission to host this article on your website and no other rights. This content should not be altered in any way or sold commercially in any format without prior permission of the copyright holder. During reference of this article, full biographic details entailing the name of the author, his designation, the institute and the publishing date of the article shall be provided.


Comments

No comments found.

Leave a Comment

Your email address will not be published. Required fields are marked *

Want to know more?
Then talk to us.


Client Testimonials

I owe the success of my case to Dr. Hassan's diligent approach. He remained focused, put me at ease and always went the extra mile. Dr. Hassan tirelessly put my case in the best possible light and I cannot thank him enough. I would highly recommend Dr. Hassan - I am grateful to him from the bottom of my heart.

Raphael Lauria
Manager, FME General Trading

Dr. Hassan Elhais is among the best legal consultants I have ever worked with. He has an amazing ability to reduce complex issues into a simple concept that non-legal people can understand. He consistently develops innovative litigation strategies that help us to achieve our ultimate legal goals.

Zhuo Liu
Client

...the extraordinary effort that has been exerted by the staff, and we specially thank Dr. Hassan Mohsen Alhais. Wishing your continues success & excellence...

H.H. Sheikh Saeed Bin
Mohammed Hashir Al Maktoum

I believe everyone should recognize what a difference Dr. Hassan Elhais work has made to people's lives; and especially to our family's life, because we will remain forever grateful to each and every one of his team.

Luis Pozueco
Client

Dr. Hassan Elhais never fears cases that involve exposure and he always gives me his honest assessment of our chances of success, which is invaluable to me.

Bassam Yamout
Director, JM Metal Trading LCC

He aided us not only in providing legal advice but also in all legal issues that required a long term strategic approach to achieve most favorable and optimum outcomes he provided us with high level of professional service.

Philippe Delbecq
Client

Dr. Hassan Elhais is a responsible, reputable counsel who operates to high levels of service.

British Client

Dr Hassan Elhais is responsive, thorough and creative with his advice, and is a valued advisor and legal consultant.

Asma Mattar
Manager, Italian Style

Regardless of the complexity of the matter I know Dr. Hassan Elhais will consider not only legal strategy but also business practicalities in providing advice and litigation options.

Dr. Massimo Hakim
Chairman, Italian Style

I recommend Dr. Hassan Elhais to anyone who says 'I'm in legal trouble'. I was extremely satisfied with the high standard of his work. He has always been there when I have needed him and I refer all my clients, family and friends to him/his firm.

Manish Gupta
Marketing Manager, Express Digital System

Dr. Hassan Elhais was very professional and he listened to my needs. He was very prompt, efficient and always kept me informed. Dr. Hassan Elhais's service was excellent and I would definitely recommend him to friends and colleagues.

James Horsley
British Client

Select your Language:

        

Main Menu