Deep, deep dive
How do I understand my credit report?
In general, here are the sections from a credit report that you need to know about:
- Outstanding credit: Lists your credit card balances, loan balances and other unpaid credit amounts by month. Under each month, a number shows how long you’ve had payments overdue. For example, if there’s a ‘2’ under June, it means you’ve missed your payments for April and May.
This section will also show your credit limit.Up to 24 months after settling an outstanding debt, the outstanding debt information will be automatically removed from your credit report.
- Special attention account: Lists financial providers that are keeping a close eye on your account because they plan to recover missed payments, or because your debt has been restructured.
- Application for credit: Shows credit that you’ve applied for in the past 12 months, and whether it was accepted or rejected.
- Business interests and directorships: Lists if you are a director in a company, a guarantor for your company’s loans, or own part of a company that has outstanding debt.
- Trade reference: Shows amounts you owe to providers (e.g., internet provider). For example, if you haven’t paid RM150 of your postpaid mobile subscription for more than 6 months, a trade reference may show up on your report.
- Dishonoured cheques: Shows any cheques you issued that were rejected. You should be able to insert comments to explain the reason: E.g. the account was closed.
- Legal cases: Lists any legal cases you have, either brought by you or against you.
Here is a sample CTOS credit report’s summary page.
Click here for the full sample credit report.