5 Ways To Improve Your Credit Score
- By CompareHero.my
- March 22, 2022
Growing up is all about navigating through the ins and outs of good financial management. You may have gotten the hang of investing or even the gist of saving, but don’t forget the most important thing about your finances: your credit score.
In the long run, building up your credit score and keeping it at a healthy level will reward you greatly. You’ll be enjoying special rates on loans and banks will love trusting you! But first, do you know what a credit score is?
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Wait, what is a credit score?
In a nutshell, a credit score is a number between 300-850 that represents your creditworthiness and how likely you are to repay debt. Factors that go into determining your credit score include your bill payments, loan repayments, and more. CTOS is widely used by financial institutions to determine an applicant’s creditworthiness, so you’ll be getting the most accurate result possible.
CTOS obtains the credit related information from various public sources such as:
- National Registration Department
- Malaysia Insolvency Department
- Companies Commission Malaysia (CCM)
- Publications of legal proceedings and notices in newspapers and government gazettes.
CTOS provides credit reporting and is also widely used by financial institutions to determine an applicant’s creditworthiness.
The types of credit-related information that will be featured in the credit report from CTOS include bankruptcy, legal action and case statuses.
You can get your credit report from CTOS through our CTOS Credit Score Assessment. All you have to do is to click on the link, submit your information and you will get your credit score.
Does it matter if I have a poor credit score?
Yes, it matters if it is at an unhealthy level as your credit score affects your chances of qualifying for bank loans and credit cards. How good you look on paper will be used by financial institutions to decide whether or not to approve your loan/credit card application.
Aside from that, the credit score will also be used to determine how much interest you should be charged for financing plans. Some employers also take your credit score into consideration when deciding whether to give you a job. Therefore, it is important to make sure that you keep your credit rating at a healthy level.
If you have a poor credit score, the key is to take action now and ensure that you can improve your score quickly.
What should I do if I have a poor credit rating?
If you have a poor credit score, don’t panic. The key is to take action now and improve your credit score quickly. After you have successfully improved your credit score, you should then focus your efforts in maintaining a good credit score.
How do I improve my credit score?
Some may think that credit scores are complicated and difficult to understand. But don’t worry, we have compiled a list of ways you can follow to improve your credit score. If you follow these steps and adjust your spending habits, you’ll be well on your way to achieving an excellent credit score.
1. Verify that all the information on your credit report is accurate
If you’re planning to move, don’t forget to inform your credit reporting agency about it. You should always make sure they have your correct and updated details so that your latest credit reports will be as accurate as possible. Believe it or not, something as simple as having multiple addresses listed on your file could lower your rating and prevent you from taking out that loan as you wouldn’t be as reliable on paper.
Updating your personal details in credit reports can be a quick, hassle-free process as credit reporting agencies provide a step-by-step guide on how to correct your report inaccuracies, so be sure to contact your credit reporting agency, such as CTOS, for help.
Related: 4 Ways A Bad Credit Score Can Impact Your Life (And How You Can Fix That)
Having multiple addresses listed on your file can lower your credit score.
2. Pay off your debt
We understand that this is a tough time for most and this is easier said than done. However, it is advisable that you avoid defaulting on your debts and pay off your minimum on a monthly basis. You could also contact your lender to organise a repayment schedule that works for you.
If you need tips on how to manage your money and get out of debt, you could try reading our articles about it here, which includes all the best steps to take in order to be debt free!
Related: 7 Strategies To Get Out Of Debt Fast During The COVID-19 Pandemic
3. Don’t make companies chase you for bill payments
Do you tend to forget to pay your bills on time? Not only does this pose a risk of having to pay penalty fees, you will also be damaging your credit score. Bill payments are your chance to show companies that you are a trustworthy customer. Even constant late payment for phone bills and internet bills can lower your credit score. As a result, this will show banks and financial institutions that you don’t have your finances under control, so be sure to mark your calendar and pay up when it’s time!
Related: When’s the Best Time to Pay Your Credit Card Bill?
4. Check your financial relationships and take charge of your finances
Did you know that your financial behaviour isn’t the only factor that can affect your credit score? Your financial relationships with others can improve your rating, but it can also have an adverse effect. For example, be careful when you share bills or have supplementary credit cards as late repayment on your supplementary cards would affect your credit score. If possible, keep your finances separate because this will allow you better control over your own credit score.
Related: We Asked Malaysian Bloggers For Financial Management Tips For Couples!
5. Start building up your credit history
Some people have no credit score at all, and this is actually just as bad as having a bad credit score. You may be managing your money well, and have never found the need to get a loan, but a lack of credit history could actually be viewed negatively by credit rating agencies. So why not get yourself a credit card and enjoy the many benefits that come with one? Just make sure you’re careful when picking the suitable credit card for yourself. Read the small print first and decide which credit card suits your lifestyle and spending pattern.
You can use the free credit card comparison tool to help you to do this in minutes, and we will even highlight the reward schemes you could be benefiting from. But always ensure that you pay off your outstanding balance at the end of the month, otherwise you will end up with a poor credit score, and that’s exactly what we’re trying to avoid.
Related: How Cancelling Your Credit Card Can Affect Your Credit Score (Instead Of Helping It)
Now that you know how your credit score is perceived by financial institutions, you can start to see why it’s so crucial for your future plans. Knowing your credit score gives you a better sense of what you can and cannot afford, and how banks see you as a prospective borrower. Therefore, we advise you to check your credit score and always plan ahead. After all, it’s always better to improve your financial health sooner than later!
Here at CompareHero.my, we take pride in helping Malaysians understand their finances better. Therefore, we are giving away 5,000 FREE credit score assessments every month!
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Subsidi kekal walaupun harga minyak melonjak tinggi
- By CompareHero.my
Rakyat tidak perlu khuatir kerana kerajaan akan kekalkan pemberian subsidi semasa walaupun harga minyak dunia melonjak kesan dari pergolakan antara negara Rusia dan Ukraine.
Pihak kerajaan prihatin dengan keadaan ekonomi negara yang sedang dalam fasa pemulihan pasca COVID-19 dan akan terus memberi sokongan terhadap pembangunan rakyat.
Pengarah Belanjawan Negara Datuk Johan Mahmood Merican berharap Malaysia tidak akan mengalami impak lain dari pergolakan antara dua negara tersebut kerana Rusia dan Ukraine bukanlah rakan dagangan utama Malaysia.
“Kerajaan mengekalkan dasar subsidi semasa untuk melindungi rakyat daripada kenaikan harga barangan dan gangguan kepada rantaian bekalan makanan, walaupun kos kepada subsidi itu meningkat secara mendadak,” katanya ketika ditemubual semalam.
Tambahnya lagi, kesan pergolakan antara kedua-dua negara itu mengakibatkan kenaikan harga minyak melebihi AS$100 setong, sedangkan Bajet 2022 yang disediakan kerajaan adalah atas unjuran atau andaian harga minyak sebanyak AS$67 setong.
Rakyat Malaysia pada ketika ini masih boleh menikmati harga minyak RON95 pada kadar RM2.05 seliter, antara yang termurah berbanding dengan negara pengeluar minyak seperti Arab Saudi yang perlu membayar lebih kurang dua kali ganda.
Sumber: Bernama
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Touch ‘n Go’s SmartTAG & RFID Tag: What’s the difference?
- By CompareHero.my
- March 21, 2022
As the nation progresses with technology, Malaysian tolls have implemented a new system involving RFID to reduce congestion at toll plazas and to help speed up the government’s aim for a multi-lane traffic free flow network in the future. Over the last year, several toll plazas have opened up RFID lanes for public service vehicles, such as police cars, ambulances, and fire trucks.
As of September 2022, civilians who are interested in testing the RFID system will get the chance to do so. However, SmartTAG may still be used by those who prefer them.
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But what exactly is the Touch ‘n Go RFID Tag?
Short for “radio-frequency identification”, RFID allows readers to scan its digital code via radio waves. The Touch ‘n Go RFID Tag has an embedded radio frequency chip and is a sticker that can be affixed to either the windscreen or the headlamp of the vehicle. As the vehicle passes through a toll, an overhead scanner would automatically read the radio-frequency of the RFID sticker to charge the toll fare, which will be deducted from the user’s Touch ‘n Go eWallet balance. Studies have shown that the RFID Tag can reach a range of 27 metres with a 10-millisecond response time, allowing high speed toll collection.
In comparison, the SmartTAG is an on board device that is mounted to the windscreen with a bracket. It uses infrared signals to be detected at toll lanes and uses batteries for power. As opposed to being linked to the driver’s Touch ‘n Go eWallet, a loaded Touch ‘n Go card must be inserted into the SmartTAG for it to work.
Is registration required for the Touch ‘n Go RFID Tag?
Unlike SmartTAG where no registration or activation is required, the Touch ‘n Go RFID Tag would not work unless you register for it. Should you find that the convenience that comes with the Touch ‘n Go RFID Tag has piqued your interest, you may register and activate it via your Touch ‘n Go eWallet app.
However, while SmartTAG can be used in different vehicles, the RFID sticker can only be registered with and installed on one vehicle.
How is the Touch ‘n Go RFID Tag more convenient for drivers?
Since the RFID sticker will be linked to the user’s Touch ‘n Go eWallet, users will be able to check their balance and top up their eWallet via online banking, debit card, or credit card. As this will all be accessible through a mobile app, you will no longer be required to top up your Touch ‘n Go card balance in-store, saving you time and ensuring you a peace of mind.
When will Touch ‘n Go RFID be fully implemented in Malaysia?
The Touch ‘n Go RFID pilot rollout for the members of the public has been confirmed to begin on 3 September 2022. However, it will only be open to Klang Valley highway drivers who drive privately registered cars under the Class 1 vehicle group e.g motorcars, vans, jeeps, and pickup trucks. Furthermore, the fee for Touch ‘n Go RFID will be waived for all users in the pilot study and the installations of the RFID tag will be done at an authorised centre by an authorised person.
If you would like to register to be one of the first to begin using the Touch ‘n Go RFID stickers, you may leave your contact details on the Touch ‘n Go website. You will then be contacted with further information on the pilot study.
The insights from the pilot rollout will help improve the Touch ‘n Go RFID system before it is fully rolled out on every highway in Malaysia.
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MCMC proposes adoption of cryptocurrencies as legal tender
- By CompareHero.my
Over the last year, a dramatic increase in interest in Non-Fungible Tokens (NFTs) have created a global wave catapulting cryptocurrencies firmly into the minds of the youths, including in Malaysia.
Driven by their activity on NFT trading platforms, Malaysian youths have become active users of cryptocurrencies such as Ethereum & Solana. As such, the Ministry of Communications and Multimedia has today proposed that digital currencies be adopted as legal tender.
According to Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin, the ministry will look into ways to increase the involvement of our younger generation in digital currencies as it is the future of finance.
“All of these are under the purview of Bank Negara Malaysia and the Securities Commission Malaysia.
“We hope the government will allow and legalise this so that we can increase the youth’s uptake of cryptocurrencies,” he said.
The statements were made as a response to a supplementary question from Syed Ibrahim Syed Noh (Ledang-PH) on the government’s stand on trading on NFT platforms which are becoming more popular, especially among the younger generation. – BERNAMA
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Bantuan Keluarga Malaysia Fasa 1 akan mula dibayar 28 Mac ini
- By CompareHero.my
Penerima Bantuan Keluarga Malaysia (BKM) akan mula menerima bayaran bagi fasa satu bermula 28 Mac ini.
Peruntukan berjumlah hampir RM2.0 bilion itu merupakan salah satu inisiatif bantuan tunai langsung khusus untuk golongan B40. Bayaran berjumlah RM100 hingga RM300 akan disalurkan kepada 8.6 juta penerima yang layak.
Perdana Menteri, Datuk Seri Ismail Sabri Yaakob berkata, pihak kerjaan sentiasa peka dengan keadaan rakyat dan akan terus berusaha untuk menjamin kesejahteraan Keluarga Malaysia.
“Pembayaran ini juga bagi meringankan beban kewangan rakyat terutamanya dalam menyambut bulan Ramadan.
“Bagi penerima kategori isi rumah, warga emas dan individu bujang, bayaran akan terus dikreditkan ke akaun bermula 28 Mac hingga 8 April 2022.
“Manakala bagi penerima yang tidak mempunyai akaun bank termasuk di Sabah Sarawak, tarikh pembayaran dibuat bermula 30 Mac 2022 melalui cawangan Bank Simpanan Nasional (BSN). Pihak BSN akan mengeluarkan panduan SOP dari semasa ke semasa,”
Rakyat boleh menyemak status kelulusan BKM bermula 28 Mac melalui pautan https://bkm.hasil.gov.my . Bagi yang ingin mengemukakan permohonan rayuan, tempohnya akan dibuka selama sebulan bermula 2 Mei 2022.
Ismail Sabri menambah, dalam tempoh rayuan rakyat boleh mengemukakan dokumen yang berkaitan untuk dipertimbangkan semula oleh Lembaga Hasil Dalam Negeri (LHDNM).
