As best practice, Ramci CEO, Dawn Lai advocated that consumers check their credit report once a year, according to a report by The Star Online.

“Good credit management may mean they are prepared for their next big investment decision”, she said in relation to the announcement of Ramci’s inaugural survey to determine the level of credit awareness among Malaysia.

The consumer poll found that only 28 per cent confirmed that they had checked their credit report, and of this number, a mere 40 per cent said they regularly did so to ensure the information was correct.

Meanwhile, 64 per cent had no idea what their personal credit report stated, and 8 per cent were unsure if they had ever viewed it.

Over 25 per cent of respondents did now know what a credit report was, whilst 56 per cent were oblivious about the impact credit scores had on their ability to obtain loans, and even future employment in select industries.

“The rest who read their reports did it in conjunction with a loan or job application, suspected fraud or when making a large purchase decision. At times like this, discovering an inaccuracy in their credit report would be a blow as it could deny them a loan or delay a purchase while the inaccuracy is investigated,” Ramci said in a statement.

Globally, credit scores are used by financial institutions and, for select positions, human resource to determine the credit-worthiness of an individual or company. This, in turn, determined approval or rejection of a loan application as well as the interest charged.

Individuals can obtain their personal credit reports directly from Bank Negara Malaysia. Details are available at this link: creditbureau