Are you looking to get a car, or perhaps a house or personal loan? Do you have a good financial standing? How healthy is your credit score?
Truth be told, first timers and even some in the financial industries are not aware of their credit score or are familiar with certain financial jargons. In a survey done in collaboration with iMoney, the results showed that:
- 75% rated their financial knowledge as low to average proficiency,
- 63% found financial jargons to be confusing and intimidating, further discouraging them to seek early financial information,
- Surprisingly, only 19% knew all the right ways to maintain a good credit score, even though most claimed that they understand what the credit score is,
- 68% believed that they do not have enough savings in general,
- 41% said they didn’t know who and where to get help to better manage their money.
With this in mind, DuitSmart is a financial sustainability initiative with the support of the Credit Counselling and Debt Management Agency (AKPK) and University of Malaysia (UM), focused on engaging Malaysians with approachable and relatable content and activities on financial knowledge and information. This includes increasing greater awareness and understanding the importance of credit score to demystify some key financial jargons to make financial information and knowledge more accessible to Malaysians.
The benefits of having a good credit score allows you to have better chances of getting approved when it comes to applications for credit cards, car and house loans, and starting a business. On top of that, banks could also grant you a higher credit limit and allow you more flexible payments and lower interest rates.
HLB DuitSmart has made it easy for Malaysians to start their financial education journey with a FREE Credit Score Check through its partnership with iMoney from now until 30th September 2019. The credit report is from RAM Credit Information which is a licensed credit reporting agency.
The initiative will be a year-long on-ground engagement through roadshows with the public including visiting universities, corporate organisations nationwide as well as Hong Leong Bank in-branch activities for customers and people in communities. At roadshows, the public can learn and challenge their financial knowledge through interactive digital games, learn more about credit scores, and consult AKPK on financial health matters.
To learn more about HLB DuitSmart, click here.
Want to know more about car loans? Click here for a beginners guide in a handy infographic!
Also click here to find out how much it actually costs to own a car in Malaysia!
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