If you’re getting paid by check for a financial transaction but aren’t sure whether the check will be honored, you can use a new service to find out how probable it is that the check will bounce.
The Al Etihad Credit Bureau (AECB) launched the cheque risk assessment tool to help people determine whether or not to accept a check. According to the AECB, this is especially beneficial for small and medium businesses that cannot afford to get paid late or not at all.
It’s worth noting, however, that the service is only available for cheques issued by UAE banks. So, if you want to use this service, these are the steps you need to take:
Through the website:
- Go to http://www.aecb.gov.ae.
- From the top menu’s tabs, select ‘Cheque Score.’ Select ‘Get a Cheque Score Now’ from the drop-down menu.
- After that, you’ll be prompted to register for the service. Set a password and enter your phone number and email address.
You will be led to the service dashboard after registering for the service and entering the one-time password supplied to your mobile number.
- Click ‘Get a cheque score’.
- Fill in the check’s details, such as the bank’s name, the issuer’s and receiver’s names, the amount stated on the check, and other information.
- Select ‘Get a cheque score’.
- The cheque score report will cost Dh10.50, and you will be requested to pay for it.
- You will be able to obtain a cheque score report once you have completed the payment.
Through the app:
- Get the Chequescore app, which is compatible with both Apple and Android devices.
- Select ‘Register’ from the drop-down menu.
- Set a password and enter your phone number and email address.
You will be led to the service dashboard after registering for the service and entering the one-time password supplied to your mobile number.
At the bottom of your screen, tap ‘Get a Cheque Score.’
- You’ll be given the option of scanning a cheque, uploading an image of a cheque, or manually inputting the information.
- When you’ve found the choice that’s right for you, click ‘Next.’
- Fill in the remaining information, such as the date the cheque was issued, the name of the recipient, and the amount on the cheque.
- Make the Dh10.50 payment to acquire the cheque score report.
- You will be able to obtain a cheque score report once you have completed the payment.
What information does the cheque score report contain?
The report will assist you in determining the chances of the cheque bouncing. The following items are included in the report:
- A snapshot of the cheque’s information.
- Chances that the cheque may bounce. The indication is colored green for a low probability of bounce, amber for a medium probability of bounce, and red for a high probability of bounce.
- Insights from cheque issuers, such as the percentage of cheques that have bounced in the last 24 months and whether the customer has been involved in any finance-related court cases in Dubai or Ras Al Khaimah.
How is a cheque score determined?
According to AECB, the Cheque Score is generated using data from AECB’s database’s credit profile, as well as data from all previous cheques made in credit history and the behavior of individuals or corporations in the UAE.
What is the cost for using the service?
Dh10.50 (including VAT) per cheque
