In January 2019 Beehive P2P became the first fintech company to start submitting monthly loan data to Al Etihad Credit Bureau (AECB), the first and only credit bureau in the UAE.
Over the last few years it has become mandatory for all financial institutions regulated by the Central Bank of the UAE to submit their loan book to AECB. Having only begun operations in 2014, the bureau’s data coverage is relatively nascent, especially in the SME sector, but with institutions like Beehive starting to submit data, AECB is expected to start offering a more holistic representation of a subject’s debt position.
Moving forward, any time an SME takes finance using the Beehive platform, the business’s repayment performance will contribute directly to their national credit score. This is anticipated to provide borrowers with additional incentive to repay Beehive on time, thus ensuring further protection around investor funds.
Did you know?
A credit score is a three-digit number between 300-900 that predicts how likely you are to make loan and credit card payments on time. A low score indicates a higher risk, whereas a higher score indicates a lower risk.
With continual development, AECB is expected to become a data source that financial institutions can use to make well informed decisions when a company or individual applies for a financial product.
You can get your credit report and score from AECB’s website, aecb.gov.ae or by downloading the app, available in Google Play and Apple Store.
