Did your cheque ever bounce or are you afraid to accept one because a past bitter experience still haunts you? Well, you don’t have to worry anymore. Al Etihad Credit Bureau (AECB) is here with a solution: a solution on your fingertips. This new mobile application – ChequeScore – allows its user to check and assess the risk of a cheque bouncing.
The app was released earlier this year after the UAE government’s decision to decriminalise bounced cheques.
The app is used to calculate the credit score of the issuer of the cheque. It also tells you the payment behaviour, cheque insurance and history of clearance in real time, says the credit bureau.
The app is available on both the iOS and Android devices. The cost to use the services of the app is Dh10 plus VAT for assessing each cheque. To register as an user, you have to enter your email address and phone number.
After registering on the app, the user has to take a picture of the cheque and upload it or manually enter the details. This information will then be sent to AECB’s credit database and the user will be able to look at the cheque’s score, which ranges from one per cent to 99 per cent while also indicating the possibility of cheque bouncing in the next nine months.
The cheque score will also be shown in colours that will signify its possibility of bouncing: green colour means low probability of a cheque bouncing, amber signifies medium probability while red signifies high probability, said the credit bureau.
Now you don’t have to guard up yourself when it comes to accepting cheques or come up with random excuses not to accept one. Just use the app and cheque in peace!