Almost Two Thirds of Malaysians Don’t Know Their Credit Score

When was the last time you checked your credit score? Well it would seem that Malaysians have a rather laid-back approach to managing their credit history. In fact, as many as 64% have never even looked at their credit report. That’s according to a survey by credit reporting agency RAMCI.

And despite almost 75% of people knowing what a credit report is, an astonishing 56% admitted that they didn’t know what the purpose of a credit score was and how it can impact their credit applications. But when it comes to finances, ignorance definitely isn’t bliss and having a poor credit score can seriously impact you being able to obtain credit in the future.

Financial lenders like Maybank could reject your loan or credit card application based on your credit score, causing you to struggle to get finance elsewhere.

What is a credit score?

A credit score, created by a lender or credit reporting agency is a numerical picture of your credit profile. This credit score may be used by Maybank to evaluate a person’s credit worthiness for a credit card or loan and can even decide the interest rate you will have to pay.

However, many Malaysian banks have their individual method of calculating your credit score. Therefore, getting your loan request approved will greatly depend on which bank you apply to. Your creditor will calculate your credit score and use it to decide whether they will accept or deny your application.

What can hurt it?

There are a number of ways you can damage your credit score. Your spending habits or not paying your bills on time can seriously impact upon your credit score.

And not just that, it can mean that you cannot get more credit in the future. Here are some ways you could be harming your credit score.

  • Always being late to pay your bills will tell another bank that you will likely be late on their payments too. The more times you make a late payment, the more it will hurt your score.
  • Sharing finances with other people, or acting as a guarantor on someone else’s behalf, can be disastrous for your credit score rating. If they default or make a late payment, it will hit your credit score too.
  • While it may seem unfair, not owning a credit card or never taking out a loan does actually more harm than good. The score considers whether you have a reasonably lengthy history of managing your finances and credit commitments. So, the older your credit history, the more points you will accumulate.
  • Having credit applications rejected can have a serious and negative impact on your credit score rating. Therefore, try to only apply for credit when you need it, and when you are confident that you are going to get it.
  • How much you owe can greatly affect your scores, just as much as whether you make your repayments on time.

Take control of your credit profile

Even if you discover that you have a bad credit score, it is possible to turn it around. By working hard to pay your bills on time and reducing your credit card balances you can transform it to a healthy score.

Of course, you can still get by with a poor credit score, but achieving a high rating has many benefits and opportunities for low-interest loans in the future. But in order to improve your financial borrowing position you need to start by knowing your credit score.

A daunting prospect perhaps, but once you know your situation that Maybank loan could be just around the corner.

How To Register With Maybank Secure2u

What Is Maybank Secure2u

Maybank introduce Secure2u, a new safer and convenient way to authorise online transactions. Secure2u consists of :

  1. Secure Verification : Feature that allows user to approve or reject Maybank2u selected transactions directly from their smartphone.
  2. Secure TAC : It require user to key in a 6-digit TAC number generated on the mobile app o authorise Maybank2u transactions. Also a new alternative to SMS TAC for selected transactions.

This new features only available on the new Maybank App. Which can be downloaded from Google Play Store and Apple Store.

What is the Difference between Secure Verification, Secure TAC and SMS TAC

Secure Verification : A notification alert will be sent to user registered device for selected transactions. User must approve or reject the notification within 30 seconds

 Secure TAC : Consists of 6 Digit TAC Number, generated by Maybank App. User need to use the PIN to authorise your transaction via Maybank2u website.

SMS TAC  : 6 PIN number received via SMS.

 

How to Register for Secure2u

  1. Download and install Maybank New App
  2. Launch the Maybank New App
  3. Before Login, TAP on Secure2u

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4. Follow on screen instruction

WhatsApp Image 2017-04-28 at 9.32.39 AM WhatsApp Image 2017-04-28 at 9.34.10 AM5. You will receive On Time Password (OTP) sms, key in the OTP. Make sure your handphone number is correct.

6. Then you will need to key in your MyKad number.

You must have internet connection to use Secure Verification. To choose Secure Verification as the mode of authorisation, you will be prompted with a push notification message alert on your registered smartphone. You need to “Approve” or “Reject” the transaction within 30 seconds.

If you choose Secure TAC as your mode of authorisation, you can obtain the 6-digit number by tapping on ‘Secure2u’ button on the aybank App. Please enter the 6 digit number generated to approve your transactions.

Mastercard Creates Credit Card with Built In Fingerprint scanner

Mastercard has come with new fingerprint technology  on credit card to reduce fraud and  stolen identity. The pilot project has started in South Africa and they plan to fully introduce the technology to Europe and Asia this year.

Mastercard has been  working with Pick n Pay, a South African grocery retailer and Absa Bank, a subsidiary of Barclays.

Biometric fingerprint is seen as safer and easier than 4 PIN authentication.  Shopper just need to hold the card by the fingerprint sensor and insert it to a card reader.

The terminal will verify the fingerprint and approves transaction. This will reduce burden for user to memorize a lot of PIN and password. Because normally credit card user will likely to use their birthday date as pin or just 1234.

We have to admit that there is no perfect system. Same goes with fingerprint technology. According to New York researchers, they already created synthetic master prints that can imitate people’s fingerprints.

Although none has been tested on real handphone, the researcher only tested it on computer simulation, but the technology rapidly improving.

Maybank Provide Free Wifi at 179 Branches

Well now you can save your internet data when you are at Maybank. Especially if you are waiting to change your debit card. But please don’t use this free WiFi to download movie using your Telegram App. Yes I know you can. Its free so use it wisely.

How to Connect to Maybank Free WiFi

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Usually  at Mamak Stall, WiFi and password will be on the wall.  Surprisingly it never worked because they always change it and you have to ask them for the new one.

At Maybank, you don’t have to ask them for the password. You have to press a button. It’s easy.

  1. Press for a queue ticket. One-Time Pin (OTP) for Wi-Fi access is listed at the bottom of the ticket.
  2. Select ‘Maybank Wifi’ at the Wi-Fi Connections on your device.
  3. Enter the OTP and click OK.
  4. You are now connected to Maybank Wi-Fi.

There are 179 Maybank Branches that have Free WiFi. So if you want to check you nearest maybank branches have Free WiFi or not, you can check here. 179 Maybank Branches

Maybank2u Apps Block Jailbreak Phone

According to MyCert, there is 3921 fraud cases reported  in Malaysia last year. With the advance of technology and IT, phishing email can sometime look genuine. Once you click the given link, you will not aware that you are in a fake bank website.

Thus Maybank would like to introduce new security upgrades on Maybank2u website and mobile app to ensure online transaction is secure and protect from online threat. The 2 security upgrade will take effect on 4th March 2017.

Maybank2u Login Upgrade

User will be required to validate their security image and phrase upon login to Maybank2u. Before this user only have to check their security image and phrase after entering username.

newLogin-img1

This will ensure that user are accessing  to Maybank’s official website or app and not a FAKE site.  Enhanced Maybank2u Login also will protect user online banking transactions with Maybank.

No  More Access from Jailbroken and Rooted devices

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Today  smartphone user prefer to Jailbreak and Root their devices to install third party software or to upgrade their smartphone kernel. Maybank decided not to allow rooted or jailbreak phone to use Maybank apps. Because rooted  and jailbreak device are vulnerable to fraudulent attacks.

So  if you want to install Maybank App on your jailbreak or rooted smartphone, you have to format it back to factory setting. Or you can login to Maybank2u using internet browser.

Source : Maybank

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