What is the Cheque Score?
ChequeScore is a smart indicator ranging from 1 to 99%, indicating the likelihood of the cheque to bounce in the next 9 months. It is color coded to make it easier for you to understand the risk level, with green indicating low risk to bounce, amber medium risk and red high risk. This will help you to decide if you’d accept this form of payment or not.
This is very useful, especially for small and medium enterprises that cannot afford to receive delayed payments, or not being paid at all.Get a Cheque Score now
Why is the Cheque Score so useful?
Knowing the likelihood of a cheque to bounce is an essential information ChequeScore can provide upfront. Supporting you to take informed decision on whether to accept or not a cheque as a method of payment.
Before the cheque due date ChequeScore will send you a push notification - helping both the cheque receiver and the issuer to stay informed about upcoming payments. Furthermore, as a cheque receiver, you can also choose to send friendly reminders in the form of notifications to the issuer through ChequeScore. Payments history contributes to the financial footprint of individuals and companies, defining their credit worthiness. This information can help you make informed decisions and have a better control over your finances.Get a Cheque Score now
How to get a Cheque Score
How is the Cheque Score Calculated?
The Cheque Score is calculated using a complex algorithm based on modern predictive analytics methodologies taking into account not only cheques, but also the vast information available in the credit profile of AECB database and compares it to the information available for all other cheques issued in credit history and behavior of individuals or companies in the UAE.
Your payments history contributes to your financial footprint and there are certain financial behaviors that can help in improving your Cheque Score:
- Making payments on or before the due date.
- Reducing the number of credit cards and loans.
- Avoiding bouncing cheques.
- Reducing outstanding balances and credit card limit utilization.