#centralcreditreferencebureauinformationsystem

Did you know that the fact that you missed just one payment can stay in your Central Credit Reference Bureau Information System (CCRIS) records for 12 months? - Did you know that your payment history alone accounts for nearly half of what determines your credit score? - Did you know that making late payments attracts extra fees and fines and damages your credit standing? - Did you know that people who record making late payments are less likely to secure a loan than those who make timely payments?All the above are only some of the reasons you have to do everything you can to make all your bill payments promptly. But with so many different things going on in your life all at once, it’s possible to forget you have costs to make at times, honestly. If you want to stop making payment delays due to such oversight, here are some tactics you can employ. 1. Activate The Auto-Debit Feature On Your Bank Account The Auto-debit function works by deducting a set amount of the funds in your savings or current account and sending it to a designated entity at established times. With a tool like this, you’ll be able to conveniently make all the payments you need to without having to handle the transaction process yourself. What’s more, this is a service some banks offer for free or at meager costs. However, keep in mind that you need to ensure that you have enough funds left in your account to use this function properly. 2. Set Payment Reminders Another approach you can use independently or use to complement the first method is to use any of your mobile devices or laptop tools to set a reminder to make payments. It is relatively simple and convenient to do as all these electronic devices have calendar functions that are easy enough to navigate. However, if you’re not too comfortable with digital devices and prefer something even more straightforward, a diary or desktop calendar will do fine. But you’ll need to make sure that you check these frequently enough, so you still don’t forget to make your payments. 3. Review Your Credit Score Frequently Your CCRIS report will always carry all the information about your credit score health, including what bills you must pay and when. While you can rely on your updated MyCTOS Score report for this, the former will always be better as it’s far more comprehensive. With the information you constantly get from your CCRIS, you’ll be able to plan yourself accordingly and ensure that you have what you need to settle your pending bills at any point. Bottom Line You can’t afford to make settling your bills an afterthought. Apart from all the consequences that come with not making these payments on time, there’s the fact that you’ll be making the process of your next loan application more difficult!So, make sure you do all you can to pay your bills on time!

The most significant indication of your financial health is your credit score at any given point. Suppose you need to make sure that you do all you can to safeguard it for no other reason—one of the things you need to see to avoid common credit mistakes down that road. When you know how to safely bypass the common errors that stall your financial progress or even hurt your credit score, you’ll be able to move freely towards any monetary goal you set! Down that road, here are three of the biggest mistakes that every Malaysian should be aware of regarding their credit. One – Checking Your Credit Report Only When There’s a Sign of Trouble Financially speaking, your credit report contains all the data of note about you. Some of its contents include; - Your credit score - Your Central Credit Reference Bureau Information System (CCRIS) data - Litigation - Business interests - Directorship, to mention a few.Whenever there’s a problem with even one of these areas, it’ll reflect in your credit report immediately, even before you get proper notice. However, if you don’t check your report and eventually find out through a formal notification, it might be late to save the situation by then. The Solution Checking your credit report at regular intervals ensures that you’re on top of things. With the regular updates you’ll get from it; you can be proactive when dealing with any problem. Two – Not Making Timely Bill Payments Another great way to quickly ruin your credit is to be delinquent with your bill payments. However, most Malaysians don’t often consider that payment history is constantly documented. What’s more, it carries as much as 45% weightage when determining your credit score! A single late payment will linger in your CCRIS record for two years. So, you will have to pay fees and penalties for defaulting, but your credit score will also suffer terribly during this period. The Solution Employ resources like requesting payment reminders from lenders and setting your bank account to autopay so that your bills will always get paid on time. To make these approaches work well, though, you need to ensure that you always have sufficient funds in the bank. Three – Co-Signing Loan Requests A friend or relative might come to you with a request to help co-sign their loan as their lender won’t extend credit to them otherwise. But keep in mind that this happens most often because the individual in question has a less than stellar credit score. Also, should they be unable to pay back for whatever reason, you’ll have to bear the responsibility of that debt. The Solution Learn how to say “No” as politely and firmly as possible. You can also recommend that the person check their credit report and know where they stand first before trying to apply for a loan.Following all these steps might be challenging, but it will ensure that your credit score remains in perfect condition and you’re financially safe!