PB Fintech FZ (‘Policybazaar UAE’), a web based monetary aggregator has entered right into a technical/API integration with Al Etihad Credit score Bureau (AECB) to implement real-time eligibility checks for bank card purposes based mostly on the AECB Credit score Rating and banks’ approval standards. Prospects of Policybazaar UAE can now apply for bank cards having a direct indication of the prospect of their software to be pre-approved based mostly on their AECB Credit score Rating, which will likely be pulled mechanically by the system. This pre-eligibility examine will assist allow banks to approve the applying quicker. Policybazaar.ae will bear the prices of the AECB Credit score Rating, which will likely be displayed real-time on-screen and delivered to the candidates by way of e-mail by AECB.
Marwan Ahmad Lutfi, CEO of AECB stated: “This new entry channel will make our credit score scores simply accessible by people by way of a number of digital distribution channels. Our system now permits marketplaces, aggregators, and doubtlessly any digital platform to combine with AECB’s programs by way of APIs. This may allow people within the UAE to acquire their AECB Credit score Scores by way of digital channels thereby facilitating entry to credit score data and making the credit score rating an integral a part of enterprise follow.”
Neeraj Gupta, CEO, Policybazaar UAE stated: “This integration will provide our clients an on the spot and handy entry to their AECB credit score scores on Policybazaar.ae platform. This integration lays out an analytical framework for purchasers in UAE to make knowledgeable monetary selections whereas having fast entry to their monetary data. After realizing their precise credit score historical past, clients can create completely different credit score eventualities by evaluating themselves earlier than making the leap in direction of their subsequent buy.”
“We advise sustaining an excellent credit score historical past, which can keep away from a better price of curiosity/credit score refusals from the lenders and let clients avail different advantages,” he added.
The AECB Credit score Rating is a three-digit quantity that signifies how possible clients are to make their cost obligations on time based mostly on previous cost behaviors, which in essence identifies a person’s creditworthiness. AECB calculates the Credit score Rating utilizing data it usually collects from monetary and non-financial establishments within the UAE. The AECB Credit score Scores vary between 300-900, with a better rating that means a decrease degree of danger. As an example, if a buyer’s rating is 300, it means they’re defaulting on a cost equivalent to a cell phone invoice, a mortgage installment or perhaps a bank card cost. Then again, an excellent and excessive AECB credit score rating (657 or above is taken into account low danger, or 4 out of 5 stars), implies that a buyer’s credit score conduct displays a decrease danger – which interprets into simpler availability of bank cards and quicker mortgage approvals.
Buyer conduct in direction of their cost obligations is the principle contributor in calculating the AECB Credit score Rating. To enhance Credit score Scores and Experiences, make funds on time, keep away from bounced cheques, scale back pointless debt, and scale back excellent balances on bank cards.