Your Credit Score

Garden3In America, the use of credit scores is not only concentrating on financing, it is now expanding to other industries like insurance etc. In Malaysia and other developing countries, credit scores are still a mystery among lay people. Do you know how your application for housing or car loan is being processed? Did you ever wonder why some banks or finance institution refuse you or offer you a lesser deal than the next customer? It all has to do with your credit score.

Credit Agencies collate information on individual credit history and compile them according to their own way of calculation to determine your credit score. This information is then made available to all finance institution to check when a customer request for a loan. Most bankers have online facilities with these credit agencies. The interest rate to impose and the overall limit you will be entitled will very much depend on your personal credit history.

The first thing you need to understand is how your credit score is determined. In America, general information is available from Fair Isaac, although the exact algorithm used to determine your credit score is a secret closely guarded by each credit agency. In fact you can go online to check your own credit score to assess the accuracy of the information about your personal credit history.

In Malaysia, every applications for loan would now be subjected to a financial rating system based on Bank Negara’s Central Credit Reference Information System (CCRIS) and two other private credit reference agencies – Credit Tip Off Service Sdn Bhd (CTOS) and Financial Information System (FIS) Sdn Bhd.

CTOS and FIS provide details of the individual’s credit standing with other banks, while CCRIS tracks the person’s spending patterns and habits, repayment patterns, credit card and other electronic transaction records in the last 10 to 20 years.

It sounds spooky isn’t it?? If you are first time reading about this, it is, but if you think about it, there is a need for such control otherwise as a business person you will not know if you are doing business with a con business or a genuine one.

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13 Responses to Your Credit Score

  1. HR Admin says:

    Kindly furnish us the contact as we are interested to know about the product.

  2. HR Admin says:

    Kindly furnish us the contact for FIS Sdn Bhd as we would like to know more about the product.Thanks

  3. CCRIS –
    tel: 1300-88-5465 fax: 603 21741515

    CTOS –
    tel: 603 27708833 fax: 603 27708834

    FIS –
    something is wrong with this website… you can try but somehow it is not loading. Try checking it out with your bankers if you are applying for a loan. Financial institution usually have online contact with them.

  4. HR Admin says:

    Dear Alicia,

    We can’t seem to find the contact for FIS. The website u provided was actually FI Services (instead of system). Any idea, where else we can get the contact. Have checked in yellow pages as well but nothing relevant discovered.

  5. aliciaallyloh says:

    Hi there
    I am not sure we are talking about the same thing. Those organisation I mentioned are data centre where you can find out how you fare in your personal credit scores or financial information of certain companies. What kind of system are you looking for? Have you tried our Bank Negara website (CCRIS)? Good luck on your search. Maybe below info can help.

    Membership is opened only to members of AFCM and AHPCM. You can contact the Executive Secretary of AHPCM at 03-76606801 or 03-76606805 for membership inquiry. You can also visit their website :

    Financial Information Services Sdn Bhd (FIS) is pleased to present its website to its members. Our company was incorporated by Association of Finance Companies of Malaysia (AFCM) and Association of Hire-Purchase Companies of Malaysia (AHPCM), mainly for the purpose of collecting and circulating to the associations’ members any commercial, financial and other relevant information pertaining to the business carried on by them.

  6. aliciaallyloh says:

    Hi there again
    Maybe this is what you are looking for:-

    The FISTM Core Financials are made up of the System Manager, General Ledger, Accounts Receivable, Accounts Payable and Cash Management modules.

    • To identify, access and analyze specific financial information with ease
    • To streamline business processes
    • To implement in shorter period timeframes
    • To implement at minimal or lower cost
    • To support company’s business expansions flexibly and at lower cost of investment

  7. Nicky5H says:

    From the beginning your blog seemed pretty dull for me. But now it keeps getting better. THIS post is just AWESOME!

  8. Ann says:

    I do have to say the the ongoing “leave a reply” in this post does make me chuckle :)

    But anyway ~ credit scoring a HUGE topic. There is much that goes into it and it is a bit “spooky.” But, once you get your credit report and start looking it over you may be even more “spooked” by the amount of errors on it!

    1 in every 4 credit reports have significant errors, and even more have typos and other such errors!

  9. suresh says:

    Just to find out how shall i know weather i am on ccris or sitos.Please provide me the web site or contact number for me to follow up on this matter.Thanks

  10. aliciaallyloh says:

    The above are sites you can check out …. ctos (not sitos) and creditbureau.bnm (bank negara malaysia) is (Central Credit Reference Information System -CCRIS). Good luck!

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