RAM Credit Information Sdn Bhd (RAMCI), a leading credit reporting agency, launches its second Credit Health Month (CHM 2019) themed “Run Up Your Score”.
The yearly education and awareness programme empowers Malaysians to step up efforts to guard their credit health and to boost the nation’s financial literacy ranking.
RAMCI’s 2019 Credit Score Profile’s sample based on 4.2 million individuals reveals that 69 percent of Malaysians have good or strong credit scores. Though this is an improvement over last year’s statistics, our financial literacy rate is still below average.
The Agensi Kaunseling dan Pengurusan Kredit (AKPK) had earlier revealed that Malaysia ranked 26th among 30 participating countries in the 2016 Report for the Organisation for Economic Co-operation and Development (OECD).
The launch of CHM 2019 is timely to empower and guide Malaysians to take control of their financial health and make that leap to the next band of rating.
During the launch, Ms. Dawn Lai, CEO of RAMCI says, “We see a positive trend among Malaysians as the public is beginning to understand the importance of managing their financial health. To support this growing awareness, financial education programmes need to be continued. RAMCI introduced July as Malaysia’s inaugural Credit Health Month last year as part of our public awareness programme.”
This year’s edition aims to empower Malaysians to be healthy both physically and financially.
In RAMCI’s 2019 Credit Score Profile, 71 percent of the sample base were aged 44 and below which is the prime age for taking on credit. Based on this statistics, individual’s credit score profile grew stronger with age. 56 percent of those above 55 years had a strong credit score profile as compared to only 29 percent among those aged 34 & below.
According to RAMCI’s 2019 Survey Sharing, websites are the preferred platform to learn more about financial education, scoring 80 percent ahead of social media and newspapers. 44 percent have the habit of checking their credit report once in 6 months and about 11 percent check every month.
In conjunction with CHM 2019, RAMCI is also running an educational social media campaign to provide Malaysians with credit health information at their fingertips and to boost the financial literacy in Malaysia. Roadshows and talks will also be organised in collaboration with government agencies, financial sectors, private sectors and universities to host roadshows and talks.
“We are optimistic that the Credit Health Month initiative will bolster credit reporting in the country, especially among millennials, to check their credit report and in that process, manage their financials more effectively to reduce debts,” concludes Lai.