Have you ever failed to be granted a loan or credit card due to a bad credit score? If yes, then it's time to evaluate your credit rating. Financial institutions such as banks use your credit report to determine your creditworthiness. Thus, you need to understand what your credit report says.
One way of getting a credit report is by working with an accredited credit reporting agency such as RAM Credit Information (RAMCI). RAMCI delivers a wide range of credit information to lenders and users. This includes receiving a personal credit report service.
Instituted in 2000, RAMCI is among the leading business and consumer information bureaus in Malaysia. The company provides credit reports monitoring and alerts, mainly to financial institutes. Thus, they help institutes with credit origination and portfolio collection and management issues. It also features a straight-to-consumer business that empowers consumers to understand their credit better and assist in protecting their identities. Backed by RAM Holdings Berhad, the company operates a credit information bureau in Malaysia. RAM Credit Information joined the market division to serve individual consumers with their three variants of credit reports, i-Score, and its credit score.
There exist three main types of credit reports from RAM Credits Information
This is a basic report that provides RAMCI credit information only. The information is retrieved from RAMCI's partners and ANGKASA (SPGA) information, for civil servants alone. This kind of report goes for roughly RM 10 for each set.
This sort of report provides banking credit information, RAMCI credit information, i-Score rated by RAMCI, and ANGKASA (SPGA) information. The report goes for an average of RM15 for a single set.
With this type of subscription, you can get a timely alert when anyone tries to apply loan facilities or a credit card in your name or suspect any dubious alterations in your credit profile. Moreover, you will receive an email notification every month to update you on your current credit score. The cost charges are as follows:
RAMCI features a three-digit scoring system that reflects the prospect of you repaying a credit obligation such as a loan in time. A higher i-Score rating shows that your capability of paying back your loan is high; thus, you pose less threat to the bank or lenders. However, your i-Score rating doesn't determine whether your loan application will be accepted or influence the interest rate offered. Its primary purpose is to provide the bank some sense of direction whether to approve a credit request or not.
To get the most out of the financial system, you must understand the idea of a credit score. But still, it isn't something we are all conversant with. In fact, most people in Malaysia are not even aware that there are credit rating systems. With that in mind, we will provide an overview of the credit score from RAM Credit Information and how you can handle it.
The RAMCI credit score is a 3-digit number that gives a picture of your credit status. It assesses your financial history to see whether you are eligible for credit. It also indicates whether financial institutions and money lending firms will approve your credit application. Just like a resume when seeking for a job, you also require to undergo a complete financial status check-up before being granted a loan. With a good credit score, you are open to more financing options since more banks will be ready to work with you. Additionally, you are better positioned to receive the best rates for credit products like a car, personal loans, or home. A lower-than-satisfactory score can easily discourage banks from approving your loan request.
It is best to note that RAM Holdings has sold a 33.15 stake in its associate company, RAMCI Sdn Bhd, to Experian Sdn Bhd. Thus, within a couple of months, RAMCI will be rebranded as Experian. Experian is noted for its long history of commitment and investment in Malaysia, boasting over eight hundred employees. You can check out more ways to check your credit information here
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Find out more about CreditScan Malaysia here.
