KUALA LUMPUR: The Malaysian public seem to be quite laid-back with regard to good credit management, according to a survey conducted by credit reporting agency RAM Credit Information Sdn Bhd (RAMCI).



RAMCI said in a statement that its maiden consumer poll showed 64% of consumers had never viewed their credit report while another 8% were unsure if they had viewed it.



Only 28% of respondents had seen their credit reports.



Of that number, only 40% viewed it proactively to ensure it was accurate and updated, the agency said.



“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.



Although nearly three quarters of respondents knew what a credit report is, 56% did not know the function of a credit score and the impact it could have on their credit applications.



A credit score, generated by a credit reporting agency or lender is a numerical representation of their credit profile. This credit score may be used by financial institutions to evaluate a person’s credit worthiness for a mortgage or loan and even determine the interest rate.



RAMCI chief executive officer Dawn Lai said the agency strongly encouraged consumers to be proactive and know the critical importance of viewing their credit report at least once a year.



“Good credit management may also mean they are prepared for their next big investment decision. As the credit market grows, healthy credit management among consumers is key to keeping the industry robust,” she said.



Lai said one of the reasons behind RAMCI’s maiden survey was to gauge how much consumers knew so that it could further drive awareness on good credit practices.



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