Tue 19-04-2022 18:42 PM
DUBAI, 19th April, 2022 (WAM) — Al Etihad Credit Bureau (AECB) today announced a web portal for the new ChequeScore, an innovative product that allows businesses and individuals to instantly know the likelihood that a check issued via a UAE-based bank is bouncing back.
ChequeScore underwent months of rigorous testing prior to launch to ensure a smooth and hassle-free customer experience. During the trial period, more than 11,000 checks with a total value of AED 788 million were scanned through the app.
Since its launch, downloads of the CheckScore mobile app have soared to 21,532 in just over a month. Since its public launch, the aggregate value of all scanned checks was over AED 815 million.
Now available on the AECB website, CheckScore presents more opportunities for access and interaction, with user traffic expected to increase tenfold.
CheckScore serves to reduce the number of NSF checks and encourages financial responsibility. Once a user has registered with ChequeScore, they can scan a check, upload a check image, or manually enter check data. Upon completing the purchase process, the user will immediately see the Check Score, a score ranging from 1-99%, indicating the likelihood of a check bouncing over the next nine months.
The check score is calculated using the Issuer’s Credit Score, another product provided by the AECB, along with check issuance and clearing history, on-time payment habits and other factors considered that support the predictive nature of this score.
AECB products help better support decisions around investment and credit goals to reward individuals and businesses for maintaining timely payment schedules, creditworthiness, and accessing the best products and offers. Of the industry. Clients can rely on the expertise and capabilities of the AECB to assess the financial strength and capabilities of individuals and businesses.
WAM/Amjad Saleh/Khoder Nashar