[ad_1]
Al Etihad Credit Bureau (AECB) has partnered with consumer licensed credit bureau Nova Credit to allow new UAE residents to use their home country credit history when applying for financial services in the UAE.
Credit Passport is currently available for AECB clients to support credit applications with financial histories in India, the Philippines and the UK, with more countries to follow in the near future.
Credit Passport enables lenders to assess the creditworthiness of newcomers to issue credit products such as credit cards, loans and phone plans based on your real-time business banking data.
The collaboration facilitates real-time, large-scale applications by enabling AECB subscribers (i.e. local and international financial institutions and lenders based in the UAE) to access translated credit histories of new UAE expatriates after they are approved as part of their credit application approved, the company said in a release.
Marwan Ahmad Lutfi, CEO of AECB, said: “As we continue to introduce cutting-edge products to our customers, we reaffirm our commitment to creating positive social impact, in line with the UAE’s vision to be the center of a global economy without borders.”
Misha Esipov, Co-Founder and CEO of Nova Credit, said: “Building a borderless financial system has been our guiding vision since our inception, and by bringing Credit Passports to new parts of the world, we are one step closer to making it happen. One step closer.” .
The AECB’s new foreign credit data will provide subscribers with several benefits, including integrated access to hundreds of millions of standardized consumer data records from dozens of major credit bureaus around the world.
The end-to-end data delivery model from AECB and Nova Credit has undergone a rigorous quality control process and is fully compliant with foreign and UAE jurisdictions, the company said in a statement.
The AECB was established in November 2014 to increase transparency in the lending industry by collecting the credit histories of financially active residents of the UAE. It collects data on loans, mortgages, credit cards and phone bill payments, among other things.
A person’s credit report shows their overall credit history in the UAE, including the use of credit cards, loans or other financial products they have signed up for, as well as their payment behaviour.
Also read: Russia works to simplify visa regime for India, 5 other countries
[ad_2]
Source link