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What is CCRIS?

CCRIS stands for Central Credit Reference Information System. CCRIS is owned and operated by Bank Negara Malaysia (BNM) to facilitate credit risk management among banks. CCRIS processes data received from participating financial institutions like us at Myloan.my and turns them into credit reports.

How Do I Read My CCRIS Report?

CCRIS keeps track of your payment record for 12 months. If you do not service or make your payment in due for any of your loan, it will be displayed on the CCRIS report in numerical representation. For example, if you have three month’s payment in arrear, your CCRIS report will have the number ‘3’ printed in the column of that particular loan. For more information and getting our expert help to guide you and explain it to you better, get your CCRIS score report with us here, and we’ll help explain your score better for your perusal.

How Often is CCRIS Updated?

The CCRIS system is updated on 15th of every month for every payment made until the end of the previous month. We have some tips for you, it would be wise to apply for a loan after 16th of a month in which all outstanding payments have been made before the end of the previous month.

Why Is It That Myloan.my Can Access My CCRIS?

Oru company ABSKL Consultant (Co. Reg. No. 002694148-A) is registered and subjected with the approval of Bank Negara Malaysia (BNM), as a credit reporting agencies (CRAs) registered under the Credit Reporting Agencies Act 2010, which we can access the credit information of personals in CCRIS, with prior consent from the personals themselves.

Do You Share My Details With Third Parties When Using The Comparison Services?

When you start your search, we use the information you provide us along with your credit information in CTOS’s database to calculate your eligibility against our products such as making applications for various loan products, including housing loans or any personal loans.

For some products, we may share your personal data directly with the lender. This enables them to verify your details and estimate your eligibility for their products.

What is CTOS?

CTOS’ core function is to collect and process credit information of individuals’ and businesses’ borrowings and repayments, and provide this information to loan lenders such as banks and other financial institutions.

Is My CTOS Score Important?

The CTOS score allows you to keep track of how you are doing as an adult, at least financially. Whether you’re buying a home, a car or applying for a presonal loan, financial institutions want to know the risk they’re taking by lending you money. This is why your credit score is important.

Can I Still Apply For Credit If I Have A Poor Ctos Score?

You can still apply for credit with a poor CTOS Score, but your chances of being accepted are lower than if your score is good.

Remember that each time you apply for credit, this activity will be captured in your credit report. Each application may also lower your credit score, and multiple applications may be interpreted as you’re desperate for credit. The lower your score, the lower your chances of your credit applications being approved.

Can I Be Refused Credit Even If I Have A Good CTOS Score?

The better your CTOS Score the more likely you are to be accepted for loan applications, but there’s no guarantee you’ll always be accepted. Every lender or financial institution may has its own criteria and may want more information before offering you any loans.

How Can I Improve My Credit Score?

Here are some practices that you can start implementing:

Make payments on time, on or before the due date. It reflects on your credit score when you’re overdue by two months or more.
Avoid mass applying for credit. You risk leaving a record of potential rejections by banks or financial institutions.
Pay-off smaller outstanding debts in full to start having a better credit score.

What is A Good Score for CTOS?

The general guideline is that a good CTOS score will fall in the range of 697 to 850. This, however, is not a hard and fast rule and does not necessarily mean a lower score is a bad score.

Is it True That Myloan.my Offers Islamic Banking Products? If it's True, Then Is it Only For Muslims?

Yes we only offer Islamic banking products as our means of business alongside any other credit reporting products to our customers. And no, Islamic banking is open for all individuals regardless of their religious beliefs, and we encourage our customers to do so especially for Muslims.

What Are The Differences Between Islamic And Conventional Banking?

The most important difference between Islamic and conventional banking is that Islamic banking must follow the Shariah (Islamic Law). Islamic banking must also avoid activities such as riba’ or gharar (excessive uncertainty). For example, instead of charging interest on financing given out, Islamic banks give financing based on Musyarakah (Partnership Agreement) and will share any profit and loss.

What Questions Would You Ask When Making A Loan?

A good credit score and credit history show lenders that you pay your credit obligations on time. The better your credit, the better your chances of securing a loan at the most favorable terms.

What Do Banks Consider When Giving Loans?

Lenders need to determine whether you can comfortably afford your payments. Your income and employment history are good indicators of your ability to repay outstanding debt. Income amount, stability, and type of income may all be considered.

What Is The Best Reason To Give For A Personal Loan?

One of the best reasons to get a personal loan is to consolidate other existing debts. Let’s say you have a few existing debts to your name; student loans, credit card debt, and others and are having trouble making payments. A debt consolidation loan is a type of personal loan that can yield two core benefits.

How Long Does It Take For A Housing Loan to be Approved?

Buyers can now get verbal approval from the bank within 2 or 3 days, and the official approval within two weeks. The bank will first run a basic check on the buyer’s CCRIS, run a check on the amount of the property being bought, and whether the buyer’s income is sufficient to support the loan.

Have Any Other Questions?

Do You Need More Support?

Come and talk with us. Our customer support service is ready to serve you with any of your inquiries. If you can’t find your answer to waht you’ve been wondering for, you can always contact us with your questions.