UAE: How to Check If Your Bounced Cheque Will Clear Online
Dubai: For those concerned about the reliability of cheques, the UAE has introduced the Cheque Clearance Indicator, an innovative tool developed by the Etihad Credit Bureau (AECB).
This digital service allows users to evaluate the likelihood of a cheque clearing based on the issuer’s credit and payment history.
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The Cheque Clearance Indicator provides a probability score that reflects the financial reliability of the cheque issuer, derived from their cheque transaction history and overall creditworthiness over the past 24 months.
This tool is particularly useful for individuals and businesses dealing with cheques for rent, services, or business transactions.
Key factors influencing the score include the issuer’s consistency in successfully cleared cheques, their payment behavior, and their credit history reported to AECB.
The system uses a sophisticated algorithm that employs predictive analytics to assess these variables.
However, there are instances when the indicator may not be generated, such as if the cheque issuer has been reported deceased, or if there is insufficient transaction data available.
While the Cheque Clearance Indicator does not guarantee that a cheque will clear, it offers valuable insights that can help users make informed decisions before accepting cheques as payment.
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