Credit is a record of your borrowing activities and reflects your intention to repay a debt. Financial institutions review your borrowing history before offering you a loan. So, in order to obtain loans at a favorable interest rate and terms, you must improve your credit score. Find out some tips on credit repair:
Plan a budget for yourself: You should plan out a budget for yourself and start saving a little money each month so that you can pay your bills on time and become current on past due accounts.
Obtain your credit report and analyze it: Financial institutions review your credit report before offering you a loan. So, the most important tips on how to repair bad credit would be to obtain your credit report and analyze it for incorrect and incomplete information.
You can obtain your credit report free of cost from the Bank Negara Malaysia by submitting copies of your ‘MyKad’ and any other documents like driving license or passport that can verify your identity. You will be given your report during the visit. You must go through it very carefully to verify if all the information given on it are accurate.
To be continued...
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