iMoney’s Free BM CreditScore Tool makes Financial Health Checks more accessible for Malaysians
iMoney has launched its free credit score tool, iMoney CreditScore, in Bahasa Malaysia alongside their digital-first #JomSkor campaign. The Bahasa Malaysia version, together with the #JomSkor campaign, which will take place between now until the end of August, aims to make it easier for more Malaysians to check their credit score and take steps towards improving their financial health.
The iMoney CreditScore tool which is now available in both English and Bahasa Malaysia offers consumers a free and simple snapshot of their financial standing with personalised tips on how to improve their credit health and get access to savings from credit products. By offering it in dual languages, iMoney is making it easier for more Malaysians to check their credit scores.
The #JomSkor campaign and the Bahasa Malaysia CreditScore tool are iMoney’s response to the state of Malaysians’ financial health. Based on iMoney’s data, four out of 10 iMoney CreditScore users who were looking for a credit card or loan have a Low to Fair score, making it challenging for them to obtain the credit products of their choice. This is in line with the report from the Ministry of Finance, where over 100,000 Malaysians were declared bankrupt between 2013 and 2017, of which 60% were between 18 and 44 years old. Furthermore, reports published by RAM Credit Information (RAMCI), a leading credit bureau in Malaysia, state that only 29% of Malaysians aged 34 and below have a strong credit profile.
“Whilst there has been significant growth in signups since we first launched iMoney CreditScore in late 2018, we still see the opportunity and need to reach out to and encourage more Malaysians to check their credit score and financial health. Our data points suggest more effort is required to help Malaysians take control of their finances and make smart financial decisions to ensure a prosperous and financially stable future. Through #JomSkor and the Bahasa Malaysia CreditScore tool, we are aiming to reach out to more Malaysians, across the country. Our goal is to get more Malaysians to sign up to get their credit score, understand their financial health and ultimately feel empowered to make intelligent decisions on their money matters,” said Mitul Lakhani, CEO of the iMoney Group.
“We see a positive trend as the Malaysian public is beginning to understand the importance of a credit score and how a consistent and healthy credit score can translate to lower interest rates for future loans, speed up credit application approvals and garner better credit terms. To encourage growth in financial literacy, education and awareness programmes need to be stepped up. We believe such initiatives will go a long way to help the public understand the intricacies of managing their credit well,” said Dawn Lai, Chief Executive Officer, RAMCI.
Encouraging Malaysians to sign up and check their credit scores regularly, is a crucial first step in helping them understand their financial health and setting them on the right path towards making better financial decisions. In its efforts to do that, iMoney is introducing #JomSkor, a campaign built around a digital meter which unlocks prizes when specific numbers of iMoney CreditScore signups are reached. The prizes include Apple iPad Air, Nintendo Switch, Fitbit Charge, Lazada, Tealive e-vouchers as well as limited edition #JomSkor T-shirts and umbrellas.
Additionally, over the next two months, iMoney’s representatives will be at various locations to help Malaysians sign up for their iMoney CreditScore report. In the future, iMoney will also be collaborating with respected institutions and experts to provide workshops and training around personal finance.
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