It reiterated that pilgrims require a Haj visa and it can be obtained through recognised official channels
Daniele Lavalle, head of product development and data operations, Al Etihad Credit Bureau, said they are working with water and electricity authorities in the country to add bills to credit score.
"We are working with du and etisalat as your landline and mobile bills are already there in the credit report. In the future, utility bills, rents, and tenancy contracts will also be part of the credit score," Lavalle said during a panel discussion hosted by Dubai-based bank Emirates NBD on personal finance.
Ambreen Musa, founder and CEO of souqalmal.com, said these initiatives by Al Etihad Credit Bureau will bring a lot of discipline in the financial matters of the residents.
"It will be first time in the UAE that utility bills will be part of the credit score. Delaying payment of bills can affect when you are applying for new credit in a way like you will get a higher interest rate from banks. And if you have been missing payments over and over again, remember the risk of lending money to you has gone up. That is how it works. How risky are you as a customer and will you pay me back are the two biggest questions banks will ask. If you missed out 12 payments last year, the probability of missing my payments is also very high; so the banks will increase the rate on the price of the loan or might not give loan," Musa said.
Daniele Lavalle cautioned that people -- mostly youth -- obtain credit cards but don't use it and forget about it. But this still reflects in their credit score, hence, they should approach the bank and tell them to cancel it.
He pointed out that a credit card payments can be also reviewed later when people apply for auto or personal loans a few years later.
Replying to a question, he said even if someone has a good credit score in his/her home country, this will not reflect here in the UAE.
"We have been looking at this and trying to see if there is away for some connection. It is complicated but it has to be looked at from legal perspective. When an expat comes to the UAE, he/she starts fresh (from credit score perspective). You credit history starts here when you obtain first credit card in the UAE," he added.
waheedabbas@khaleejtimes.com
It reiterated that pilgrims require a Haj visa and it can be obtained through recognised official channels
The 18-year-old was taken to hospital in a serious condition
The brothers, who say they are innocent, are accused of having formed an organised criminal network in early 2021 in Romania, as well as in the US and Britain
The left-handed batter scored 3369 runs in 136 one-day internationals and 2893 in 140 Twenty20 internationals — both Pakistan records
Food supplies were distributed to 80 households
On January 31, a heart was airlifted from Delhi to Chennai, paving the way for Ayesha Rashid's life-saving surgery
The online retailer, which is headquartered in Singapore, has said it has around 108 million monthly active users in the 27-nation EU
The baby girl named Rouh, meaning Soul, suffered respiratory problems and a weak immune system, a doctor at the Emirati Hospital in Rafah said