Your Credit Report - What is it?

Are You Credit Wise?
Your Credit Report - What is it?
Your credit report contains detailed information on your credit history, including identifying information, credit accounts and loans, bankruptcies and late payments, and recent inquiries. Prospective lenders (any institution that lends you money in the form of loans and financing or issues you credit) can obtain it to help determine your credit-worthiness. Your credit report is actually one of the main factors used by financial institutions to make assessment on the credit facility application. The financial institution is required to inform you (the applicant) in writing that a credit check is to be conducted under your name and the credit application will be reported to the Credit Bureau of Bank Negara Malaysia also known as Credit Bureau of Central Bank of Malaysia. Using the same information from the credit report and other sources, one lender may approve an application while another may not. Because of this it is very important that you make sure your report is updated before submitting credit applications.
Your Free Credit Report
Credit data of a prospective borrower may be accessed by the financial institutions to make informed decisions through the prospective borrower’s credit report.

The information reported to the Credit Bureau of Bank Negara Malaysia is housed in a computerised database system known as Central Credit Reference Information System (CCRIS) under the Credit Bureau of Bank Negara Malaysia. CCRIS automatically processes the credit data received from the financial institutions and synthesises the information into credit reports, which can be made available to the financial institutions upon request. The financial institutions may obtain the credit report via an on-line system of CCRIS.

At present, the database system contains credit information on about 9 million borrowers in Malaysia.

Source: http://creditbureau.bnm.gov.my. Log on to learn more about your credit report.
Obtaining Your Credit Report
In the past the Credit Bureau of Bank Negara Malaysia was empowered to disclose credit information only to the financial institutions. However with effect from March 2002, the Credit Bureau of Bank Negara Malaysia can upon request, disclose any credit information to any individual for his/her own credit record.

The credit report can be obtained from Bank Negara Malaysia at no cost for the following purposes:
  • Request by individual
  • Request by a business entity
  • Request for credit information of a deceased
  • Request for credit information of a bedridden / medically invalid individual

Application for a credit report for individual and company may only be made once in every 12 months.

Source: http://creditbureau.bnm.gov.my. Log on to learn more about your credit report or call Bank Negara Malaysia ‘s telelink toll free number at 1-300-88-5465 or 603-2174-1717 (for overseas call).
Credit Bureau of Bank Negara Malaysia Resources
The Credit Bureau of Bank Negara Malaysia collects only credit information on individuals, businesses (sole proprietors and partnerships), companies, and even Government entities borrowers. The credit information collected by the Credit Bureau of Bank Negara Malaysia is sourced from participating financial institutions in Malaysia. These financial institutions include all licensed commercial banks, Islamic banks, investment banks and several other financial institutions. In addition, reference information on the particulars of borrowers is sourced from the National Registration Department (Jabatan Pendaftaran Negara) and the Companies Commission of Malaysia (Suruhanjaya Syarikat Malaysia ) for purposes of verification against the particulars provided by the financial institutions. The data is updated by the data providers on a regular basis.