Do you know who is credit bureau ? The Credit Bureau of BNM has been in operation since 1982. It collects credit information on borrowers, including private individuals, business (sole proprietors and partnership), companies and government entities and supplies the information back to lenders.
The Credit Bureau keeps information in the Central Credit Reference Information System (CCRIS) which is a computerised system that automatically processes credit data received from financial institutions and synthesises these information into credit reports. These reports are made available to financial institutions on request.
Each time we make a new application for a loan, the financial institution will check your payment history with the Credit Bureau. They will use the information to decide whether to give you a loan or not. Other than the Credit Bureau, there are also privately-owned companies that provide their clients, including financial institutions with information on a borrower’s repayment record and status of legal actions, if any.
Keep a copy of your CCRIS report to track your loans with financial institutions and monitor your loan and credit card repayment pattern. You can check whether you have a healthy repayment schedule and defaults or late payments appearing in your report. If your CCRIS report indicates late repayment or default, a financial institution has the option of denying any new loan applications because it indicates that you are not managing your loans well or you have financial difficulties.
For more information, visit this website :- http://creditbureau.bnm.gov.my