United Arab Emirates (UAE) has introduced a new service called ‘Credit Passport’ that allows new expats to access banking services and get easy loans by using their home country’s credit facility.
The new service, which is the result of a collaboration between Al Etihad Credit Bureau (AECB) and Nova Credit, has been made available for new expats from the United Kingdom (UK), the Philippines, and India in the initial phase.
However, the service will add more countries to the list in the near future.
This will allow newcomers in the country to use their previous (home country’s) credit history in dealings with banks and other institutions. It is a major change as new expats in the UAE had always faced difficulty getting full access to banking services, especially taking out loans.
“If these individuals have a good credit history from where they are coming from – the UK, India or the Philippines – why shouldn’t they bring that credit rating in as well,” said Marwan Ahmed Lutfi, CEO Al Etihad Credit Bureau. “If someone is settling in the UAE from the UK, and has a sound credit rating in the UK, why can’t lenders here have access to that history? Rather than wait for these individuals to build up some fresh track record in the UAE.” he added.
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