Money

End-of-year finance check – how to obtain a report of your credit history

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The end of the year is fast approaching, meaning it’s time to review your saving and spending habits for 2015. After all, one of the best New Year’s resolutions you can make is to take better care of your finances in the next 12 months.

Having good financial health makes it easier to apply for a loan, credit card or even funding for a small business, and nowadays an increasing number of banks and financial institutions in the UAE require an extensive credit report prior to approving any application.

But what if you’re not sure how good your credit history is at the moment? Fortunately, help is now at hand thanks to the Al Etihad Credit Bureau.

This bureau – which has branches in Dubai and Abu Dhabi – provides an innovative service where individuals can apply for a report detailing their credit history.

“The credit reporting system of Al Etihad Credit Bureau will add value to the UAE’s financial sector by enabling lending institutions to make informed decisions, whilst helping individuals and corporations to understand their current financial obligations, debt level and creditworthiness,” a spokesperson told compareit4me. “This in the long run will reduce credit losses from bad or non-performing debts, and allow those who maintain a good credit rating to benefit from greater access to capital and better interest rates, therefore, improving the profile of the UAE’s consumer credit market and the country’s global competitiveness.”

And this is definitely a move in the right direction. According to a recent report by The National, the UAE has one of the world’s highest rates of indebtedness, at $95,000 per household. Therefore an individual credit report can help determine what changes you can make in the New Year.

Obtaining a report is easy. All you have to do is visit either the bureau’s headquarters on Al Falah Street in Abu Dhabi, or its Dubai branch on Sheikh Zayed Road with your Emirates ID, passport and AED 110 fee. A report detailing your credit history is then ready in approximately 15 minutes.

For more information, visit the Al Etihad Credit Bureau website.

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