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Sat 11 Aug 2018 10:46 AM

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Digital-only Dubai bank launches first credit score check

Liv., the lifestyle digital bank by Emirates NBD, works with Al Etihad Credit Bureau to provide customers access to their credit score on its app

Digital-only Dubai bank launches first credit score check

Liv., the lifestyle digital bank by Emirates NBD for millennials, has announced that they are working with Al Etihad Credit Bureau (AECB) to provide customers access to their credit score.

The bank said customers can now simply click on the CreditCheck feature on their Liv. app, a first for the UAE's banking sector.

Liv. was established last year and is now the fastest growing bank in the country, a statement said.

“With over a 100,000 customers now, Liv. is fast becoming the bank of choice for young customers in the UAE,” said Suvo Sarkar, senior EVP and group head – Retail Banking & Wealth Management, Emirates NBD.

“Liv. is a key pillar of our growth strategy and we will continue to enhance the platform through new services and strategic partnerships that help our millennial customers get the most out of their money and their daily life.”

“Offering easy access to your credit score via Liv. builds on our unique proposition as a mobile-only financial ‘buddy’ for young customers,” said Jayash Patel, head of Liv. “As credit scoring gains relevance in the UAE, we want to educate and guide customers to help them better manage their finances today for a healthier financial future.”

In addition to viewing their credit score, Liv. customers can also view their debt burden ratio - monthly loan and card repayments as a percentage of their salary - as well as access tips on how to maintain a healthy credit score.

The AECB Credit Score is the first credit scoring system for UAE’s retail banking customers that helps predict the likelihood that customers will make their loan and credit card payments on time, based on previous credit and payment behaviour.

The Credit Score is a three-digit number, ranging from 300 to 900 with a lower score indicating a higher risk and likelihood of missing debt payments.

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