How to Fix Your CCRIS Report
Would you lend ten thousand ringgit to a stranger? If you just balked, don’t worry, that’s normal because RM10,000 is a lot of money. And while we’re along the same line of thought, have you ever wondered how banks dare to loan out thousands or millions of ringgit to people they don’t know? They may not know you personally, but they know what matters to them: your ability to handle credit responsibly and on time, information that’s available to them through your CCRIS report.
What a CCRIS Report Contains
Your CCRIS Report contains three main arms of information: the amount of credit you have (the loans and/or credit cards you’ve taken out), special attention accounts (non-performing loans, defaulted loans, and so on), and a record of loan and credit facility applications you’ve made in the past 12 months.
How to Obtain Your CCRIS Report
The fastest way to get a copy of your CCRIS report is to insert your MyKad into a Bank Negara Malaysia (BNM) credit kiosk and verify your thumbprint. It’s that simple! If you can’t get to any kiosks, though, you can also apply for your CCRIS report through an application form sent to BNM accompanied by a copy of your MyKad or passport, driver’s license, utility bills, and other documents as required.
How to Fix Your CCRIS Report
Have you slipped up once too often with your credit, and now your CCRIS report stinks? Well, not to worry. Unless you’ve totally busted your credit and been declared bankrupt, fixing any chinks in your CCRIS report is just a matter of effort and mind over matter!
Verify Your CCRIS Report
Reports may come in soft copy now, but the data was inputted, even if maybe not calculated, by humans, and humans make mistakes. The blemishes may be only typos to the department, but they’re black marks on your credit history that you can do without. Your bank statements and online banking history should carry a trail of your repayments and highlight any discrepancies. Point them out and back them up with proof should you find any errors.
Start Practicing Punctuality
One sure way to keep chipping away at your CCRIS report is by paying late. The remedy for this problem is simple: start paying on time! Pay at least the minimum repayments for what you owe before or by each credit’s deadline. Save up a month in advance for installments so you needn’t worry about last-minute cash-glutton incidents. No matter what method you employ, make sure you’re on time!
Get Your Bank to Help You Become Punctual
Are you living pay cheque to pay cheque, and your constant late credit payments are due to the lack of synchronicity between your bank’s billing cycle and your payday? Then get your bank to delay your billing cycle to one or two days after you receive your pay cheque so that you’ll never be late due to lack of funss again. Chances are that your bank will be accommodating since you’re simply adjusting your billing cycle and not delaying payments.
Stop Your Credit-Hunting Tendencies
It’s normal to hunt for the best deals in town before you pick one, but when it comes to credit-related deals, it’s best to do it wisely. An enquiry at the bank that ends with you signing a form means that your enquiry is recorded in your CCRIS report, and too many applications will spark a red light in it. To avoid making your banks wary of you, conduct preliminary research online on comparison portals such as BolehCompare.com, forums, and websites, and ask family and friends for their input before you hit the banks with a shortlist or even your final choice.
If You Must Hunt, Do It Late in the Month
Your CCRIS report is updated around the middle of the month, so if you want a clean slate, especially if your last really bad black mark was a year ago, consider enquiring about credit-related items towards the end of the month. By then you would have made payments for the month before, leaving you with a CCRIS report that gives a positive outlook on your ability to handle credit.
Continue Living on Credit
A bad CCRIS report isn’t justification to cut off credit all together. In fact, losing credit history is bad, because banks won’t have any way of ascertaining your ability to handle loans based on past performance; you’ll be like an unreliable newbie to them. Cut a few credit cards if you have to, even if they temporarily dent your credit rating, but keep at least one card up and running so that your report card will contain something worth reporting.
Some credit rating mistakes can be easily rectified, such as certain credit card-related ones. Others are not. The key is moderation: have some credit, but don’t try to have too much of it!