Oil slips to six-month low as recession fears weigh after a brief rally as concerns about the prospect of a global recession that would weaken demand overshadowed a report showing lower US crude and gasoline stocks
With the new app, available for both iOS and Android users on Apple and Google stores, individuals from across the UAE can obtain their credit reports and scores without the need to visit the AECB's customer happiness centres in Abu Dhabi or Dubai, said Marwan Ahmad Lutfi, CEO of AECB.
"The AECB app marks the transition into digital services provision, a key shift towards delivering credit information in a faster and more convenient way in order to enable individuals to access their credit reports and scores on demand," said Lutfi.
It was from April 2017 that the AECB started issuing credit scores to UAE citizens and residents through its customer service centres. The credit score is a 3-digit number that ranges from 300 to 900 and measures how likely a consumer is to default within 12 months. It is calculated using information from various sources such as banks, finance companies and telecom companies. The score changes according to credit payment behaviour; a low score indicates a higher risk whereas a higher score indicates a lower risk.
With the new app, customers will be able to authenticate their identities via an OTP delivered to the mobile number registered with their bank or through SmartPass, the single credential to access UAE government services.
"By getting convenient access to their credit reports and scores, individuals in the UAE will have more visibility on their credit history and credit worthiness, which will in turn empower them to make smarter decisions about their current and future finances," Lutfi said at a media briefing.
The AECB started operation in late 2014. Today, 70 entities provide credit information in a recurrent manner and 95 entities subscribe to AECB services, which enable them to enquire upon a database of 4,500,000 individuals.
"Most people visit AECB customer happiness centres as a result of being rejected for a loan or credit card. All banks and finance companies in the UAE analyse individual credit reports and scores before making the decision to approve or reject an application for new credit. It is, hence, crucial for individuals to review their credit reports before committing to new financial obligations," Lutfi said.
The AECB app provides customers with the ability to directly e-mail the concerned information provider regarding any data corrections to ensure updated information.
Users can pay for services using international payment options
Indian refiners lifted more term supplies from Saudi Arabia as prices were attractive while prices for Russian supplies have climbed on robust demand
The Washington-based lender said Saudi inflation is expected to remain at 2.8 per cent for the year
Within six hours of his tweet, Musk’s message had attracted more than 500,000 ‘likes’ on the club’s main Twitter account — though some users didn’t take it too seriously, comparing his tweet with his troubled run at buying Twitter
The move follows a decision on April 1 to ban other Russian metals including copper, lead, primary aluminium and aluminium alloy from British warehouses
The official statistics indicate growth in the demand for local licencing services by customers, both individuals and companies, to reach 7,067 transactions from January to June of this year. The local licence renewal service ranked first with 3,426 transactions