Bank Negara Malaysia, the country’s central bank, has introduced an electronic central credit reference system (eCCRIS), allowing Malaysian nationals to access their credit report online.

Introduced by Bank Negara governor, Tan Sri Muhammad Ibrahim, at the Kedah Financial Carnival 2018, the eCRISS platform will provide round-the-clock access to credit reports and, it is hoped, promote better financial management by Malaysians, he said.

“The report is used not only by borrowers and lenders, but also for the purposes of individual financial health screening, debt management, and settlement activities and screening of job applicants by employers,” Muhammad said.

The information may also be used by individuals to take appropriate action to increase opportunities for funding and access to financial services.

The release of the service is in line with the BNM’s aspiration to see the wider use of credit scores by consumers and industry, Muhammad said.

Unique to Malaysia, CCRIS reports are generated from credit-related data received from participating financial institutions, revealing the financing and repayment history of a borrower over the previous 12 months. CCRIS reports are made available to both financial institutions and borrowers upon request.

“eCCRIS is an extension of Bank Negara Malaysia’s efforts to promote the financial well-being of all Malaysians by encouraging prudent financial management, the bank said. “With eCCRIS, the public can now access their personal CCRIS reports online via the eCCRIS website.”

However, Bank Negara affirmed: “[eCCRIS] does not provide an assessment of a borrower’s credit standing. It is therefore a factual report and is not a blacklist.”

While internet penetration rates remain modest across the Malaysian state (reaching an average of 72 per cent across the country), Muhammed said he hopes the new eCCRIS service will go some way in spurring the adoption of internet banking and internet-based financial transactions across the country.

“The efforts by the public and private sectors should be intensified to ensure the broadband nationwide access at affordable costs can be enhanced and further propel the use of modern financial services applications,” he said.