If you have ever applied for loans, you might have heard about this term that gives quite a headache to some people – \u201ccredit history\u201d. The bigger the loan that you\u2019re applying for, the stricter banks are going to be when they analyze your credit history. But what exactly is credit history<\/u>?<\/p> \nA History of Credit<\/h2> \n
Your credit history is a record of the credit accounts you hold along with details about those accounts including: the type of account, your responsibility on the account (e.g. whether you were a joint borrower), the credit limit or amount of the loan, the current balance, minimum payments made, whether you\u2019ve made any late payments, and the current account status. <\/p> \n
Credit history is what helps a bank determine if you are eligible for a credit card or a loan. A missed payment or two might be okay, but if your credit history leaves a trail of missed payments, your chances of getting an approved application will be a lot lower.<\/p> \n
Your credit history is compiled into a single document known as a credit report<\/u>. The companies who maintain your credit report are known as Credit Reporting Agencies (or CRAs) or credit bureaus.<\/p> \n
Malaysia has three main CRAs, governed under the Credit Reporting Agencies Act 2010 and registered to the Registrar Office of Credit Reporting Agencies<\/a>. These CRAs are:<\/p> \n Read The Ultimate Guide To Credit Score Here<\/a><\/p> \n \n
\nWhat each report says…<\/h3> \n