15 Dec - 6 min read
It is a fact universally acknowledged that Malaysians hold great affection for a good shopping sale — and the month of December brings with it an abundance of sales and promotions. From festive promotions to year-end sales, there are few things Malaysians love as much as getting a good deal during December.
But here’s the thing, while we expend so much energy and time looking for the best discounts on clothing, electronics, household appliances, and such to save money, we don’t spend nearly enough time looking after other financial areas in our life, like looking after our credit health. When asked in 2019, only 32% of Malaysians said they were aware of what a credit score was and why it’s important to check it regularly.
Your credit score is a number that informs financial institutions how creditworthy you are, as such having a good credit score (between the 781-581) says that you are credit healthy and any figure below 581 is an indicator that your credit health needs some attention.
Being credit healthy is essential because good creditworthiness means that you are a good risk when it comes to managing credit facilities as you are anticipated to return any credit received in a timely manner. Therefore, these banks and financial institutions are likely to process your credit applications faster and with a higher chance of approval. What’s more, good credit health also gives you more negotiating power when it comes to asking for a higher credit line, or even reducing interest rates on loans.
Once you know and understand your credit score information, you can take charge of your credit health and that in turn helps you make decisions for your financial future.
That’s why there’s no better time than now to start diving into your credit health. There are only a few more weeks left to the year and empowering yourself now, which means that you’ll be better prepared to make your financial plans for 2021.
Even better, in the spirit of the festive season and year-end deals, Experian credit reporting agency is encouraging you to empower yourself with your credit health information by giving you great deals on credit monitoring tools and packages.
For the rest of the month until 31 December 2020, you can enjoy generous discounts on two of Experian’s most popular products, Personal Credit Report Plus and JagaMyID.
Without being aware of where you stand in your credit health, it’s challenging to make informed decisions — or changes — to improve your credit health. So, start by understanding your credit score with Personal Credit Report Plus (PCRP) for only RM12.
This comprehensive and detailed report not only informs on your credit score but also includes other information such as your Skim Potongan Gaji Angkasa (SPGA) and PTPTN records, non-banking trade references, litigation history, and more.
This information is backed by Experian’s extensive data capabilities and accreditation as the first Credit Reporting Agency (CRA) in Malaysia to achieve International ISO27001:2013 certification, which is a mark of the company’s rigorous security and compliance protocols standing on par with global standards.
Furthermore, you’ll also gain insight into your banking credit information as the report informs on whether any of your credit facilities are under special monitoring by banks or financial institutions under Special Attention Accounts. This will allow you to take swift action when needed and be proactive towards better managing your credit facilities.
Lastly, PCRP will help you pinpoint factors that have affected your credit score while also giving you tips on how to boost your credit health. For example, you may be unaware of a missed payment that has been pulling down your credit score and once you find out with PCRP, you can take steps to ensure future payments are done on time.
Even if you’re not planning to apply for any credit facilities in the near future, it’s always a good practice to periodically check in on your credit health. So, when you are ready to apply for a credit card or loan, you won’t have to worry about your credit score getting in the way.
Plus, keeping an eye on your credit health allows you to make sure that no credit applications are made in your name without your knowledge — but if better credit monitoring is what you’re looking for, then JagaMyID may be a better choice.
While PCRP is a good choice for periodic and comprehensive checkups on your credit health, JagaMyID offers a more economical and convenient solution for all-year-round credit monitoring.
Initially priced at RM53/year — and now offered at RM24/year for a limited time only — JagaMyID is an annual subscription that keeps an eye on your credit health for you. Every month, you’ll receive monthly updates on your credit score and CCRIS information, get tools to help you track your monthly credit payments, and you’ll also have access to your Personal Credit Report Plus quarterly.
Additionally, JagaMyID offers a variety of services to help protect you against credit health harm caused by identity theft. Over the past few years, identity theft has become a growing issue within Malaysia, and one of the casualties of this criminal activity is the victim’s credit health.
Identity fraudsters steal personal data and use that data to make unauthorised credit applications and withdrawals, thus affecting the individual’s credit health. With the JagaMyID subsction, you’ll stay ahead of identity theft by getting notifications any time a credit application is ripmade in your name, email alerts if there are any changes to your credit profile, and you can monitor your credit card and other credit facilities utilisation.
With all these benefits and great prices for PCRP and JagaMyID credit monitoring subscription, there’s no reason to postpone your credit health check. So, take these last weeks of the year to better prepare your financial future next year and start by taking a good look at your credit health.
During these end-of-year sales, don’t just shop for clothing, decorations, and appliances — add your credit report to your cart too!
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