Say Goodbye to Loan Hassles: UAE Introduces Credit Passport for Expat Borrowers

Expats living in the UAE will now be able to use their home country’s credit history to apply for financial services in the UAE. Al Etihad Credit Bureau (AECB) & Nova Credit have collaboratively come up with ‘Credit Passport,’ a facility which can be obtained upon arrival in the UAE.

This initiative helps gain access to real-time standardised foreign credit data for multiple sources and bureaus around the world. This will facilitate large-scale cross-border credit collaborations and application approvals by lenders and financial institutions used for processing of credit/loan applications.

Expats from origin countries including Philippines, India, UK and more can apply for the new Credit Passport. 

What Exactly is a Credit Passport?

Credit passport is not really a passport. It is the name of the service that will entail transporting all the information regarding a person’s credit history in a standardised from. It will open up a window for lenders to access the credit scores of expats living in the UAE and decide if they can be given a credit based on that. 

This is done to regulate the demand for credit amongst expats whose creditworthiness cannot be judged upon considering their low credit score or short duration of stay in the UAE.

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Who is Eligible for a Credit Passport?

Credit Passport is available for all AECB customers who have financial histories in countries like the Philippines, the UK,  India, etc.

This approval of large-scale applications can help the expats get access to their translated credit history as the new residents in the UAE and apply for personal loans, and other credit services. The subscribers of the ECB include international and local lenders’ and financial institutions data based in the UAE.

Welcoming A Borderless Financial System

Marwan Ahmad Lutfi, CEO of AECB said, “AECB is proud to be among the region’s first federal entities to provide cross-border credit solutions, creating value for lenders, individuals, businesses, government entities, and the public through key collaborations with international bureaus. As we continue to introduce cutting-edge products to our customers, we reiterate our commitment to creating a positive social impact, in line with the UAE’s vision of becoming the epicentre of a borderless global economy.”

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“Building a borderless financial system has been our guiding vision since our inception and by bringing the Credit Passport to new parts of the world we are one step closer to making this a reality,” said Misha Esipov, Co-Founder and CEO of Nova Credit. “With this collaboration, AECB will be able to better support the thousands of newcomers to the UAE every year seeking access to the financial services they need to get started and thrive in their new home,” he added.