PB Fintech FZ-LLC (Policybazaar UAE), an online financial aggregator has entered into a technical / API integration with Al Etihad Credit Bureau (AECB) to implement real-time eligibility checks for credit card applications on the basis of the credit score of the AECB and banks approval criteria.
Policybazaar UAE customers can now apply for credit cards with an immediate indication that their application may be pre-approved based on their AELC credit score, which will be automatically retrieved by the system. This pre-eligibility check will allow banks to approve the application more quickly. Policybazaar UAE will bear the costs of the AECB credit score, which will be displayed in real time on screen and delivered to applicants via email by the AECB.
Marwan Ahmad Lutfi, CEO of AELC, said: âThis new access channel will make our credit scores easily accessible to individuals through multiple digital distribution channels. Our system now allows markets, aggregators and potentially any digital platform to integrate with AELC systems via APIs. This will enable individuals in the UAE to obtain their credit rating from the AELC through digital channels, thereby facilitating access to credit information and making credit rating an integral part of business practices. “
Neeraj Gupta, CEO of Policybazaar UAE, said, âThis integration will provide our clients with instant and convenient access to their AECB credit scores on the Policybazaar.ae platform. This integration establishes an analytical framework for UAE clients 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 assessing themselves before making the jump to their next purchase.
The AELC credit score is a three-digit number that indicates the likelihood of customers meeting their payment obligations on time based on past payment behavior, which essentially identifies an individual’s creditworthiness. The AELC calculates the credit score using information it collects regularly from financial and non-financial institutions in the UAE. The AECB credit scores range between 300 and 900, with a higher rating signifying a lower level of risk. For example, if a customer’s score is 300, it means that they are in default such as a cell phone bill, a loan due, or even a credit card payment. On the other hand, a good and high AELC credit score (657 or higher is considered low risk, or 4 out of five stars), means that a customer’s credit behavior reflects lower risk. , which translates into easier and faster credit card availability. loan approvals.
The behavior of customers towards their payment obligations is the main contributor to the calculation of the AECB credit score. To improve credit scores and reports, make payments on time, avoid bad checks, reduce unnecessary debt, and reduce outstanding credit card balances.