Check your credit health, protect your identity via JagaMyID

KUALA LUMPUR: RAM Credit Information Sdn Bhd (RAMCI) is targeting at least 100,000 users for its newly launched credit health and identity protection portal, JagaMyID, which was created in view of the mounting number of identity theft cases and financial insolvencies in the country.

The company is targeting those aged between 21 and 60 who are “credit active” as potential users of the tool.

“Identity theft costs individuals here millions of ringgit, making it a serious crime that has far-reaching financial and credit repercussions,”said RAMCI CEO Dawn Lai at the launch of JagaMyID here today.

“With JagaMyID, subscribers are not only assured peace of mind with regard to safeguarding their identity, but are also empowered to take control of their credit health and be more financially disciplined when seeking financial freedom,” she added.

The portal provides subscribers with alerts on credit card transactions, credit profile and score changes, tracks monthly payment updates, discovers discrepancies in credit information and offers other financially related tools that improve an individual’s credit score.

JagaMyID allows users to detect fraudulent loan applications for housing, PTPTN (higher education fund) and car loans made under a stolen identity.

With 294,000 bankruptcy cases recorded in Malaysia in a year, especially among those aged between 35 and 45, Lai said, there is a lack of financial literacy and planning among Malaysians.

JagaMyID provides a score system whereby the subscriber’s credit behaviours, such as timely credit card repayments, are evaluated and scored.

Zuraidah Ahmad, senior manager and head of consumer and trade bureau, said credit awareness in Malaysia is still lacking, opining that customers are afraid to face the truth about their spending and repayment trends.

She said the tool can help consumers understand their credit profile better, while also instilling the discipline to repay their credit commitments on a timely basis.

The information presented to subscribers is sourced from Bank Negara Malaysia. RAMCI is authorised by the central bank’s credit bureau to collect credit related information.

According to the Malaysian Chinese Association (MCA) Public Services and Complaints Bureau, the total losses incurred from identity theft cases amounted to RM2.82 million between 2014 and 2016.

JagaMyID is available in three subscription plans priced at RM50 for a year’s subscription, RM90 for two years and RM130 for a three-year plan. Customers will also be given a bi-annual personal report on their credit information.

RAMCI also provides a similar service for corporate clients which allows them to detect information on their clients personal and business credit profiles.