Consumers can now buy a copy of their own credit report from the Al Etihad Credit Bureau for AED 110.

Al Etihad Credit Bureau has collected almost two years’ worth of customer data from some 43 different financial institutions lending to consumers in the UAE.

[Related: Credit bureau starts reporting | How to improve your credit score | Does your company influence your credit-worthiness?]

This has created a database of credit history of 2.8 million borrowers in the UAE and banks can now get a consumer’s report from the bureau when assessing a new request for a credit card or loan. A total of 29 have subscribed to the bureau’s credit reporting service.

Late payment of bills, too much debt, defaults on loans or too many different loans will all negatively impact your credit score.

But the new structure should lower the cost of credit for a good borrower, meaning more favorable lending terms and better credit risk management nationally.

Debt per capita is reported to be AED 349,000 ($95,000) per head in the UAE, higher than the global average

An individual can request their consumer credit report in person at the bureau’s Dubai Office in Rolex Tower on Sheikh Zayed Road or headquarters on Al Falah Street in Abu Dhabi, bringing their Emirates ID card and passport copy. The process should take 10 to 15 minutes.

They can authorize another individual too, but that person needs to provide a notarized power of attorney or notarized authorization letter from the bank, their own Emirates ID, the requester’s ID and passport copy and a completed credit report consent form.

[See sample credit report on AECB website | Read more about credit report on AECB]

Emcredit, the previous incarnation of the credit bureau, charged AED 100 per credit report.

The bureau’s CEO, Marwan Ahmed Lutfi, told The National: “We have a major role to play in bringing awareness to the borrowers.

“A lot of borrowers have carte blanche in accessing easy money, whether it was through a credit card or a personal loan.”