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UAE phone bill payment delays to affect residents' credit score
Dubai - Credit scores determine interest rates of auto, personal or home loans.
Paying telephone and Internet bills on time has become even more important for UAE residents as delays can affect their credit score.
The two telecom operators in the UAE, Etisalat and du, will rely more on Al Etihad Credit Bureau’s (AECB’s) reports and scores to assess an individual’s or company’s ability to meet future payments.
The two telecom firms are the largest entities in the UAE to provide outstanding bills and payment history on a regular basis on individuals and companies in the UAE to the AECB.
With the addition of both Etisalat and du’s data, the AECB’s customer information database stands at 9 million individuals and 600,000 companies.
“With both Etisalat and du historic and current bill payment information submitted to the AECB, it is now critical for both individuals and companies to maintain timely payment schedules and avoid defaults ... Essential telecommunications services payment patterns are going to show on credit reports and will undoubtedly impact one’s creditworthiness and ability to avail the attractive products and services offered within the industry,” said Marwan Ahmad Lutfi, CEO of AECB.
In addition, credit score also becomes highly important when UAE residents opt for personal, auto or home loans as banks charge interest rates based on the credit score. Better credit scores result in lower interest rates and vice-versa.
Currently, the AECB collects credit information from banks, finance companies, telecom operators, water and electricity companies and courts.
“All banks and finance companies in the UAE use credit reports and credit scores to support their decisions in assessing applications for credit facilities,” said Lutfi.
-waheedabbas@khaleejtimes.com
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