UAE: Now, find out how likely a cheque is to bounce

Businesses and individuals in the UAE can now instantly know on a web portal how likely a cheque issued through a UAE-based bank will bounce.

The UAE residents and businesses can now visit Al Etihad Credit Bureau’s (AECB) website to know the probability of a cheque bouncing.

AECB is mandated to collect credit information on individuals and companies from financial and non-financial institutions in the UAE.

AECB’s ChequeScore went through months of rigorous trial testing before launch to ensure a smooth and hassle-free customer experience. During the trial period, more than 11,000 cheques with a total value of Dh788 million were scanned through the application.

In February 2022, Al Etihad Credit Bureau had launched a mobile app that allowed users to instantly assess the risk of a cheque bouncing. Since launching in February, ChequeScore mobile app downloads soared to 21,532 in just over a month. The overall value for all cheques scanned amounted to over Dh815 million.

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The Cheque Score is calculated using the issuer’s Credit Score, another product provided by AECB, with cheque issuance and clearance history, on-time payment patterns, and other factors considered that support the predictive nature of this score.