This is the record of payments you have made and loans you took in the past. Banks look at this data to determine how much of a risk they are taking by lending you money or giving you a credit card.
The credit report is a record of all the borrower's credit history. Credit Bureau Malaysia issues this to banks whenever they enquire about a borrower to ensure that they can make good on their payments.
The effective interest rate (EIR) is the actual interest rate you need to pay for an outstanding credit card balance or a personal loan.
For personal loans, EIR takes into consideration the compounding interest, processing and handling fees, which comes up to what you actually pay on your loan. This is why EIR is typically higher than the advertised interest rates.
Most credit cards in Malaysia offer fixed interest rates between 24% to 25% per annum. Always read the fine print regarding policies on interest rates before you apply for a credit card.
This refers to the type of loan that doesn't require collateral, and often have higher interest rates. Some examples of unsecured loans include personal loans, credit lines, and credit cards.