Credit Profile Report

What's in a Credit Profile Report?

1. Personal Details: Name, identification number (such as NRIC), address, and contact information.
2. Credit Accounts: Information on various credit products such as personal loans, car loans, home loans, credit cards, and any other financial facilities.
3. Payment History: A record of the individual's payment behavior for credit accounts, including any late or missed payments.
4. Outstanding Debt: Information about how much debt the individual still owes.
5. Credit Limits: The maximum amount of credit available on credit cards or other revolving credit products.
6. Credit Inquiries: Records of companies or banks that have checked the individual’s credit report, usually when they apply for a loan or credit.
7. Legal Information: If the person has any history of bankruptcy, lawsuits, or other legal actions taken against them for debt-related issues.

What is the benefit of knowing your Credit Profile Report?

1. Loan and Credit Applications: Banks and financial institutions use credit reports to evaluate the creditworthiness of individuals when they apply for loans, mortgages, or credit cards. A strong credit report indicates good financial management and can lead to better loan terms or approval.
2. Creditworthiness Assessment: A credit report provides lenders with insights into how responsible an individual is with managing debt, which helps them decide whether to approve a loan or credit application.
3. Interest Rate Determination: Individuals with a higher credit score (indicated by a clean credit report) may be offered loans or credit with lower interest rates because they are perceived as lower risk.
4. Renting Property: Landlords may use a credit report to assess whether a prospective tenant can be trusted to make regular rent payments on time.

Where can you get a Credit Profile Report?

In Malaysia, agencies like CTOS, CCRIS (Central Credit Reference Information System), and CBM (Credit Bureau Malaysia) are commonly used by banks and individuals to access credit reports. Malaysians can request their credit report to track their financial health and improve their credit scores by managing debt effectively.