What Is PCRB (Personal Credit Report Basic)
If you've ever tried applying for a loan, you must have heard of the term "credit history," which, in many cases, gives quite a headache to some people. The more significant the loan you wish to apply for the stricter, the banks will be when analysing your credit history. Before understanding what a Personal Report Basic is, lets first delve a little on credit history
Credit history
A person's credit history is a record of credit accounts one holds alongside other details about the reports. This includes account type, your responsibilities on the account, the amount of loan or credit limit, the minimum payments made, the current balance, the current account status, and whether you have made any late payments.
Your credit history helps the bank determine whether you are eligible for a loan or a credit card. Although a couple of missed payments is understandable if your credit history shows a consistent trail in missed or late payments, your chances of getting approved for a loan will be much lower.
The significance of a credit report in your loan applications
Banks don't solely rely on your credit report to decide whether or not to approve loan application. However, the credit reports are critical indicators of your capabilities to repay the loans and maintain your payment schedules.
Your credit history is piled into a document referred to as a credit report. Companies that assess and maintain credit reports are commonly known as Credit Reporting Agencies (CRA) or credit bureaus. One such company in Malaysia is RAM Credit Info (RAMCI).
Personal Credit Record Basic (PCRB)
Cost: RM10.60 per report for a PCRB report.
The contents available in your credit report varies depending on the type of credit report by RAM Credit Info you choose. RAMCI allows members to sign up for a Personal Credit Report Basic or a Personal Credit Record Plus.
A Personal Credit Report Basic includes information contained in the RAM credit and information acquired from ANGKASA Salary Deduction System (SPGA). RAMCI Credit Information is acquired from public resources and business partners, whereas civil servants can only obtain the SPGA information. You can check out more regarding how to check credit information online here
The exclusive proposition from RAMCI is the progress of their credit system, widely called the i-Score System. The rating is obtainable for My Credit Watch and PCRB reports from RAMCI. It's a scoring system made up of three digits that reflect the prospect of you repaying the loan in time. With a higher i-Score, the lower the risk you pose for banks and other financial agencies that may grant you a credit. You can learn more regarding business credit risk management here
Moreover, PCRB features your banking credit information as well as the i-Score reporting system, credit records, and bankruptcy or legal proceedings from non-banking organizations. In addition to that, JagaMyID, an identity protection plan, is responsible for monitoring your daily credit profile and sending alerts for suspicious or potentially suspicious credit proceedings. This includes alerts on loan applications or credit card applications that were made in your name.
The PCRB report also contains information on parties or individuals who have inquired about you or your general credit history. This ensures that you are the only person who provides your credit information and parties or groups you are aware of. Besides that, the report also highlights all your unpaid loans and any credit card or loan application that you have transacted recently. The records are profiled across a chain of financial service companies in Malaysia.
PRCB further contains any outstanding loans or other forms of unpaid credit that you have accumulated in your name. All your loan applications, whether approved or unapproved, will also be listed in the report. Lastly, the Personal Credit Report Basic also shows whether an individual has been declared bankrupt or not.
Conclusion
In essence, there exist various credit history reporting systems in RAMCI. If you are applying for a personal credit report, it would be best to apply for a report from more than one source. By obtaining more than just a single form of the credit report, it will be much easier to spot any inconsistencies or inaccuracies in your PCRB. Fixing any issue that presents itself can also make your report more accurate and reliable; thus, it's easier for any bank or financial service institution to screen through.
Whether you are applying for a financial service, planning for financial commitments, or just wish to understand your financial status, consider using a credit history report. Contact CreditScan today to get your finance report checked and done.