Unlocking financial empowerment with TrueMoney and Experian: Take control of your credit health!

KUALA LUMPUR, 12 January 2024 – Striving for good financial health starts with a solid foundation, and to achieve that, having a clear understanding of the nuances of credit reports and scores is essential. Your credit health is a crucial factor influencing various aspects of life, not just a compilation of financial transactions. It reflects your credit history, emphasising the importance of maintaining a positive track record.

Credit scores, ranging from 300 to 850, provide a numerical snapshot of creditworthiness. A favourable credit history can lead to better terms and rates, whether buying a home, securing a credit card, or navigating various financial landscapes. Moreover, many lenders rely on credit scores for quick and standardised evaluation of creditworthiness.

Generally, people assume that credit scores only affect loans and rates, when in fact, credit scores extend beyond immediate financial decisions – they also affect employment opportunities, rental applications, and insurance premiums. 

TrueMoney Malaysia and Experian are committed to empowering individuals to care for their finances and are hence coming together to make credit health management more accessible and affordable than ever. As part of this collaboration, TrueMoney Malaysia Wallet users can enjoy a 20% instant rebate on selected Experian products by obtaining the exclusive promotion code on the TrueMoney Wallet application.

This initiative encourages users to monitor and enhance their credit health regularly. The selected Experian products, such as Personal Credit Report Plus (PCRP), MyBiz, TrackMyID, and JagaMyID, provide practical tools for understanding and safeguarding credit health.

While knowledge forms the foundation, true progress hinges on applying that knowledge strategically. 

Here are four practical steps to improve credit scores:

  1. Pay bills on time: Timely payments positively impact credit scores. Set up reminders or automatic payments to avoid late fees.
  2. Reduce credit card balances: Lowering credit card balances can improve credit utilisation ratios.
  3. Monitor credit regularly: Check credit reports for inaccuracies and signs of identity theft. Address discrepancies promptly for a more accurate credit profile.
  4. Diversify credit accounts: Having a mix of credit types, like credit cards and instalment loans.

Regularly reviewing your credit report ensures the accuracy of your credit information, identifies any unauthorised transactions, and addresses errors promptly. Moreover, it prevents identity theft by catching inaccuracies early, gaining insights into creditworthiness through score tracking, and ultimately, making informed financial decisions to safeguard your financial well-being.

In conclusion, understanding and managing your credit health is non-negotiable in the journey towards financial empowerment. TrueMoney and Experian’s collaboration offers practical tools and incentives for users to take charge of their credit health. By understanding the basics of credit reports and scores and implementing practical steps for improvement, individuals can navigate towards a more stable and secure financial future.

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