Refinance Free Credit

KUALA LUMPUR, July 9 (Bernama) -- Malaysia will likely increase interest rates in the third quarter in an effort to curb inflation, having adopted a neutral stance for the whole of 2007, said an economist.

Bank Negara Malaysia's policy setting meeting is scheduled for later this month. It has kept the overnight policy rate unchanged at 3.5 percent at its last meeting.

Malaysia's inflation, as measured by the Consumer Price Index (CPI), was at a 22-month high at 3.8 percent year-on-year in May.

A lot of central banks in the Asia-Pacific have or will be raising rates as inflation across the region has soared in recent months and price growth momentum remains strong going into the second half of the year.

Moodys Economy.com's economist, Sherman Chan, said the food crisis remained a central concern and continued to put upward pressures on prices. She said the fuel price increases implemented by several economies in the last two months would have a notable impact on inflation during the September quarter.

"The Asean economies are facing a similar inflation and monetary policy outlook. For Indonesia, Thailand, Malaysia, Singapore, the Philippines and Vietnam, CPI growth will likely peak in the third quarter and gradually slow in the final months of the year," she said in a research note.

She said inflation, despite eventually cooling, would remain at uncomfortably high rates. "This will see Indonesia and the Philippines continue with their tightening agenda in coming months.

"Malaysia will likely increase interest rates in the third quarter, having adopted a neutral stance for the whole of 2007. Thailand also looks set to begin its tightening cycle this month," said Chan. ...more...

CCRIS = Central Credit Reference Information System

SUMMARY CREDIT REPORT

The Summary Credit Report displays summarised information relating to the
customer’s current and potential liabilities arising from credit facilities obtained
from the financial institutions in Malaysia. The liabilities include those where the
customer has obtained borrowings of its own, liabilities of joint-accounts, sole
proprietorships/partnerships/professional bodies in which the customer is an
Owner/Partner of the business. It also includes liabilities where the customer is a
guarantor for other borrowers.

How to check my CCRIS?

If you stay within Klang Valley, you have to go to Bank Negara at Jalan Dato' Onn. Go to Blok D, ground floor, and you just need to show them your Mykad. The Service Counter will verify your Mykad, and you need to fill in a from. Depends on numbers of customer, you will be called and they will ask you whether this is your first time or not. If not, the consultant will give you detail explanation on how to read the Detailed Credit Report as attached below.

If you stay out of Klang Valley, you can get your CCRIS report by post. Call BNM LINK to know more details.

From report above, you can easily check whether you have outstanding amount or not for every of your loan or credit card. If you can see other than number 0 in CONDUCT OF ACCOUNT FOR LAST 2 MONTHS column, especially for last 3 months, then you will get problem when applying any loan.

This report only can be provided to you by Bank Negara once per year. December last year, I went to BNM for this report. Then in March this year, I went again to get latest report, but they said its only once per year. So I only can get next report after December 2008.