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In today's globalised world, people often traverse international borders for various reasons such as work, education, or personal pursuits. While embarking on these new chapters in life can be exhilarating, one often overlooked aspect is the status of your credit score.
Contrary to popular belief, there is no universal or international credit scoring system that seamlessly transfers across nations. Credit scores, instead, are inherently tied to the financial landscape of the specific country that you reside in.
This means that when you move to a new country, you essentially leave your previous credit history behind. This means that your financial credibility is now evaluated based on a completely different set of criteria.
In this write-up, we will learn what happens to your existing credit Score if you move to another country like UAE. Moreover, we will see how you can generate a credit score using your native land’s credit report.
While transitioning to a different nation can bring excitement, it's crucial to contemplate certain factors prior to your departure such as visa prerequisites and healthcare considerations. Additionally, exploring financial alternatives is advisable, as your credit score will not accompany you.
You might be pondering whether foreign countries employ credit scoring systems. In brief, yes, they do. However, it's important to note that credit scoring mechanisms can diverge significantly from one country to another.
With a diverse population consisting of individuals of more than 200 nationalities, the UAE annually greets numerous expatriates, resulting in many individuals leaving their credit histories in their countries of origin.
To help individuals in these circumstances, the al etihad credit bureau (AECB) has partnered with Nova Credit to furnish foreign credit reports to banks operating in the UAE. This partnership aims to facilitate effortless and secure retrieval of authorised credit information from more than 10 different countries, which are Kenya, Australia, India, Mexico, Nigeria, the Philippines, South Korea, the United Kingdom (UK), Spain, and Switzerland.
Here’s how foreign credit reports function within the UAE -
Once in possession of the credit report, they can utilise it to evaluate your credit application.
A foreign credit report can offer several advantages -
AECB, in partnership with Nova Credit (and only with your permission), can transform your foreign credit report into a UAE-compatible score and report that aligns with the preferences of UAE lenders.
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