How To Avoid Getting Screwed By Bad Credit Ratings


credit ratings

Updated Oct 20 2017

If you think not having regular credit checks is harmless, you might want to think again. Like you, going to a credit rating agency (CRA) or to Bank Negara to have my credit ratings checked was not on my mind until now. Here’s why.

Knowing Your Personal Credit Ratings Can Save You Time and Money

When you apply for a credit card, a loan, or make a large purchase, banks will usually need to evaluate your credit score before your application is approved. Since it plays such a big role in your financial future, it’s worth knowing how good or bad your credit score is, and whether you need to do anything to improve it.

Now there’s a tool to help you do this, called i-Score. Compiling credit information from Bank Negara’s Central Credit Reference Information System (CCRIS) and other public and private data resources, RAMCI introduced i-Score for individuals and companies. The service provides credit reports that can help users analyse their financial position better.

Earlier this year, RAM Credit Information (RAMCI) conducted a survey to gauge consumer’s awareness towards the importance of credit management. It turns out 64% of consumers have never viewed their credit report, and that might include you. Why is this a problem?

Because those who have viewed their credit report only do so because they are applying for a loan, a job, making a big purchase, or have been notified that a suspected fraud has taken place with their account. “At times like this, discovering an inaccuracy in their credit report would be a blow as it could deny them a loan or delay a purchase while the inaccuracy is investigated,” the report added.

In an exclusive interview with RAMCI’s CEO, Dawn Lai shares that most Malaysians are not aware of the benefits having credit reports checked regularly can bring, which may result in hassles and issues that could be avoided in the first place.

New Credit Service in Town – Jaga MyID

In October 2017, RAMCI has also introduced a new service, named Jaga MyID which is designed to protect individuals’ credit health from fraud and empower their financial management at the same time.

There are three packages for this service starting from RM50 to RM130. You can get up to 12 monthly CCRIS information & your i-Score, 2 Personal Credit PLUS, credit card & other credit facilities utilisation, tracking of credit application under your name, monthly payment tracking, and email alerts on changes in your credit profile.

Click here to find out more!

Credit Reports Help You Plan Your Financial Future

Maintaining a good credit rating is important. But many millennials are exposing themselves to the risk of living with high-debts as they apply for hire-purchase loans and mortgage loans without understanding their financial capabilities and credit limits.

Here is why you should maintain a good credit rating

credit ratings

To further add value and differentiate itself from CCRIS, Dawn Lai adds that you can use i-Score ratings, a risk-rank score to determine their credit position and proposed solutions to improve such position.

credit ratings

How to Improve Your i-Score rating

credit ratings

Minimise Your Risks of Identity Theft

Malaysians are increasingly vulnerable to identity theft due to the growing number of internet savvy users. One of RAMCI’s core products, My Credit Watch, is offered to check and monitor your credit report on a daily basis.

“Consistent checking of your credit report combined with the special feature of alerting you whenever there is a search on your credit information will allow you to have a better grip of the situation and take action where applicable,” Dawn Lai added.

One of the fraud methods is to apply for loans or credit using the victim’s identity. If this transaction slips past the Bank and gets approved, it will only be identified the loan is approved, paid out and the repayment bill is sent to the victim.

Yes, this is still happening in 2016 and if you want to avoid becoming the next victim, get into the habit of consistently checking your credit information to minimise, or even prevent fraudulent activities.

 Identify the Right Report For You

credit ratings

Improving your financial position includes knowing your credit report ratings, it plays a critical role in displaying your financial health too!

By signing up today on RAMCI’s website, you can initiate your first credit ratings report (personal credit report basic) for free. Subsequent to that, you can enjoy two free basic reports every year. In the meanwhile, do you know you can improve your credit score by having more than one credit card if you know how to use them right.