The survey says: credit ratings

Individual credit worthiness is a metric used by banks to evaluate and meet customer expectations. Al Etihad Credit Bureau recently launched a new credit scoring system that will give individual ratings based on factors such as age, nationality, payment history and the number of loans taken in the past.

We asked 3,019 TaskSpotting users if such a credit rating system would be helpful. The overwhelming majority (79 per cent) believe that such a score is a positive development.

TaskSpotting describes itself as the region’s only advocate marketing platform and pitches our questions to its app community who typically engage with brands to create content, spread awareness and share feedback.

A slim majority of users (51 per cent) noted that the creation of a ratings agency will change their views on borrowing in the future. Yet, 73 per cent of users confirmed that they would challenge a poor rating.

The responses indicate that for Al Etihad Credit Bureau to have positive effect, residents will have to realise that such ratings have a significant effect on their financial future.

This shift will take time but will ultimately have positive results.