UAE online platform Policybazaar to run real-time credit score checks

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UAE online platform Policybazaar to run real-time credit score checks

Online financial aggregator PB Fintech FZ (Policybazaar UAE) has agreed to a technical integration with Al Etihad Credit Bureau (AECB) to implement real-time eligibility checks for credit card applications based on the AECB Credit Score and banks' approval criteria.

In a statement on 18 October, Policybazaar UAE said customers could now apply for credit cards having an immediate indication of the chance of their application to be pre-approved based on their AECB Credit Score, which will be pulled automatically by the system.

This pre-eligibility check will help enable banks to approve the application faster. Policybazaar.ae will bear the costs of the AECB Credit Score, which will be displayed real-time on-screen and delivered to the applicants via email by AECB.

After knowing their actual credit history, customers can create different credit scenarios by evaluating themselves before making the leap towards their next purchase.”

Marwan Ahmad Lutfi, CEO of AECB said: "This new access channel will make our credit scores easily accessible by individuals through multiple digital distribution channels. Our system now allows marketplaces, aggregators, and potentially any digital platform to integrate with AECB's systems through APIs.

This will enable individuals in the UAE to obtain their AECB Credit Scores through digital channels thereby facilitating access to credit information and making the credit score an integral part of business practice."

Neeraj Gupta, CEO, Policybazaar UAE said: "This integration will offer our customers an instant and convenient access to their AECB credit scores on Policybazaar.ae platform. This integration lays out an analytical framework for customers in UAE to make informed financial decisions while having immediate access to their financial information. After knowing their actual credit history, customers can create different credit scenarios by evaluating themselves before making the leap towards their next purchase."

He added: "We advise maintaining a good credit history, which will avoid a higher rate of interest/credit refusals from the lenders and let customers avail other benefits."

The AECB Credit Score is a three-digit number that indicates how likely customers are to make their payment obligations on time based on past payment behavior, which in essence identifies an individual's creditworthiness.

AECB calculates the Credit Score using information it regularly collects from financial and non-financial institutions in the UAE.