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I-SCORE OFFERS TRANSPARENCY WITH 3-DIGIT SCORE Managing Credit Risk to Stimulate Economic Growth

KUALA LUMPUR, AUGUST 18, 2015: RAM Credit Information Sdn Bhd (RAMCI), one of Malaysias leading credit information bureau today announced the launch of RAMCI-Experians I-SCORE, a credit risk management tool designed for financial institutions, business corporations and consumers. Conceptualised together with their institutional partner, Experian, the worlds largest credit bureau, I-SCORE is poised to significantly contribute to the credit environment in Malaysia.

YB Dato Lee Chee Leong, the Deputy Minister of International Trade & Industry was present to officiate the launch of I-SCORE.

According to Dawn Lai, General Manager of RAMCI said, We have observed a growing trend of payment defaults in recent months for trade payments as well as consumer loan payments. Thus, it is timely that I-SCORE has been developed to provide credit transparency to help consumers and companies make prudent choices in investment and credit commitments.

The I-SCORE is more than just a 3-digit figure. It is a representation of a comprehensive credit report ranking consumers, business partners and potential investors for credit risks. The higher the number, the better the credit worthiness while a lower number indicates a greater credit risk. Credit scores such as the I-SCORE is key in managing credit risk as it allows corporations or businesses to plan their growth more accurately and focus on increasing profitability, said Jeff Price, Managing Director of Experian.

Advanced statistical modeling techniques, credit data from consumer and trade payment histories as well as bank and public litigation records are used to generate I-SCORE for a consistent and objective credit risk assessment.

Even though corporations and financial institutions mainly conduct credit checks, it is also important for consumers to be aware of their own credit standing. Incorporating the I-SCORE in our personal credit reports can be a tool for consumers to negotiate better loans and avoid defaulting on payments. Through this, we hope to raise consumer awareness to better manage their finances and household debts, Lai said.

With Malaysia heading for high-income nation status in five years time, a healthy credit environment is key to stimulating and sustaining economic growth. I-SCORE is the first step for consumers, corporations and financial institutions to work towards a healthy credit standing.