Dubai firm to assess credit history, score of tenants
Applicable to new and existing tenants.
Dubai Real Estate Center (DREC), a subsidiary of ARM Holding, has become another company in the UAE that will assess the credit score and history of tenants.
On Tuesday, it signed a deal with Al Etihad Credit Bureau (AECB) to assess the risk associated with new tenants fulfilling their payment obligations and renewals of existent tenancy contracts.
Marwan Ahmed Lutfi, CEO of AECB, said DREC will integrate credit reports, scores and indicators in their property management practice.
"We believe this is the start of a positive transformation within the property rental sector whereby tenants will undoubtedly receive added benefits for maintaining a high credit score and a good credit history. Mature international real estate markets use credit scores as a key factor when determining renter's eligibility," Lutfi said.
In November, FAB Properties became the first real estate company in Abu Dhabi to subscribe to Al Etihad Credit Bureau (AECB) services to utilise credit reports and credit scores in tenant application and renewal assessment.
AECB collects information from multiple entities including banks, finance companies and telecommunication companies to produce reports, scores and indicators that are made available to individuals and companies in the UAE. All UAE banks and financial companies in the UAE analyse credit reports and scores before making the decision to approve or reject credit card or loan applications.
"This partnership will also bring value to our tenants by rewarding those with high credit scores with more competitive payment plans," said Mohammad Saeed Al Shehhi, CEO of ARM Holding.
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