The Al Etihad Credit Bureau score will help determine the chances of bouncing a cheque in the UAE through its new facility – ChequeScore.
Businesses and individuals can check on its web portal if the cheque they have will bounce or not.
Earlier, the AECB’s ChequeScore facility underwent trial on over 11,000 cheques worth AED 788 million.
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The AECB collected credit information of individuals and companies from financial and non-financial institutions in the UAE and in February 2022 launched a mobile app enabling users to assess the risk of a cheque bounce.
The app has seen 21,532 downloads in over a month. The AECB website ChequeScore aims to lower the number of bounced cheques.
The ChequeScore ranges from 1% to 99% on the probability of a cheque getting bounced in the next nine months and the score is calculated using the issuer’s Credit Score, cheque issuance and clearance history and on-time payment patterns.
