All Articles With Category : Credit Card

The latest and the best financial news, tips and tricks.

How to Avoid Credit Card Delinquency

According to a financial risk services company, 15% of all the credit card debt in the country had been reported to be delinquent. The cause is the Philippines’ economic soar. Consumer lending is growing and people have been more knowledgeable and dependent on using credit cards but the risk is higher for delinquencies as well. HJust to remind you, here are things you shouldn’t do so you can avoid being a delinquent payer with your credit card: Table of ContentsOverspendingLate PaymentsBank QueriesThird-Party Collectors Overspending Discipline will always be the first filter on your spending. Do a lot of thinking before you swipe your card and don’t buy with the credit card that you cannot buy with your cash-on-hand. Control yourself on temptations that are costly as soon as you receive your bill. Late Payments When you don’t pay on time and in full, your creditor will charge a late payment fee on your bill in the next month which is equal to a percentage of your outstanding balance. Your credit history will suffer because late payments make 35% of your credit score with most financial institutions. A significant drop could take effect as soon as your bank declares it and later on credit card delinquency. Bank Queries After all the late and missing payments, your bank will call you for minimum payments. They will ask you to pay for the minimum amount which is in bold on your credit card statement. Why? Because your outstanding balance will incur interests the next month. If you answer the call and paid the minimum amount, you’re…

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4 Ways to Ruin Your Credit History

    Your credit history is important as this could be your key to an approved credit card, postpaid broadband plan, or personal loan just when you need it for emergency situations. However, there are times when you lose track of your credit card use, and this will eventually your impact your credit score. Having a good credit history puts you in a position where you’d have FEWER difficulties taking out a loan or another credit card. Similarly, your credit score shows banks and other financial institutions what kind of debts you have, how much money you owe, and whether or not it was paid on time. Here are some of those ways: Table of Contents1. Run up a large balance on credit card.2. Inconsistent Payments3. Closing several accounts at once4. Opening several accounts at onceFinal Thoughts 1. Run up a large balance on credit card. The credit card balance is the unpaid amount on your credit card. Leaving a large amount in your credit card balance can hurt your credit history. This may mean that you spend a lot and do not pay them right away, or you only pay the minimum amount every cut-off.This means that the remaining amount piles up and acquires late fees and additional interest. How to avoid it: You can set when to pay the balance on your card. It’s to your advantage if you set your credit card payments when your paycheck comes in. 2. Inconsistent Payments Inconsistent payments on your credit card bill eventually reflect on your credit history. It’s all too easy to ruin…

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3 Credit Card Features You Should Avoid

There really are advantages and disadvantages when it comes to owning a credit card, all of it dependent on how you use the credit card at your disposal. To make the most out of your credit card, you’ll want to know the features that you should have, and the ones you don’t actually need. There are certain features that should matter to you, and certain credit card features that you should avoid when possible. The main reason being: some of these features may instead drive you further in debt instead of contributing to a positive boost in your overall credit score. Here are three credit card features that you should avoid unless absolutely necessary. Table of ContentsBalance TransfersCash AdvanceMinimum PaymentsFinal thoughts Balance Transfers A balance transfer allows you to reassign your credit card balance to another credit card. For example, Credit Card A has an outstanding balance. For reasons of debt consolidation, you want to transfer that balance to Credit Card B at an advertised lower interest rate. Some use balance transfers to present the balance on Credit Card A as fully paid and pay at a monthly, differed rate on Credit Card B with a lower interest rate. You’ll want to avoid this unless absolutely necessary because balance transfer fees can cause your total balance to balloon. In the case of BDO, on a transferred amount of Php 20,000 payable for 12 months, there’s a factor rate of 0.0893360, making your monthly amortization Php 1,786.72 and an additional rate of 0.60% interest per month. That’s on top of any…

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Tell us about your credit card preferences

    MoneyMax.ph and Peso Sense[1] invite you to our quick online survey about credit cards. We will be very happy to hear from you. By answering our survey, you will have a chance to win P5,000. The survey will take about 3-5 minutes. Hurry, from March 10 to March 24, 2017 only. The lucky winner will be randomly picked through random.org. The winner will be announced on March 29, 2017. Create your own user feedback survey Are you still looking for other credit card option? Save time and money. Compare and find the best credit card that best fit your preferences and lifestyle through MoneyMax.ph. Aside from credit cards, you can also compare car insurance, personal loans, housing loans and broadband at MoneyMax.ph. Be wise with your money and time. Always do a price comparison before you decide what product you will go to. MoneyMax.ph is the country’s leading financial platform specializing in financial products. We dedicate our service to help Filipinos save time and money by being better informed about their financial choices and expenditures. To this end, we also offer a wealth of resources such as guides and FAQs to complement our free comparison service, along with relevant blog postings and news articles. Source: [1] Peso Sense

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8 Credit Card Mistakes to Avoid

Have you ever been stuck in credit card debt? If yes, that is surely a situation that you wouldn’t want to go back to. Having a credit card can be rewarding and convenient for cashless payments, redeeming rewards, and consolidation of expenses. This is because the credit card is a financial tool but without the discipline of the credit card holder, there will be financial mistakes that you can make that will cost you a lot of money. Avoid the pitfalls like the following: Table of ContentsMaxing out your limitMaking late payments on your credit card billUnwise Balance TransfersMaking Minimum PaymentsUsing Multiple Credit Cards at the Same TimeTaking Cash Advances for Non-Emergency SituationsSpending for rewardsNeglecting Your Credit History Maxing out your limit The more you reach your limit, the higher repayment you need. According to VantageScore, you should ideally not go over at most 30% of your credit limit because it doesn’t look good on your credit history. Aside from this, there are other disadvantages of maxing out your credit card limit such as: Lenders not liking a maxed-out credit card limit. If you approach a lending institution to get a loan or apply for another credit card, the chances of getting it will be smaller because you are showing through your maxed-out credit card that you cannot handle your finances properly (unless you pay the balance in full before the next billing cycle). The balance will be harder to repay. Borrowing a high amount from a credit card will make it very hard to repay it if you don’t have extra…

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[INFOGRAPHIC] The Anatomy of a Credit Card

If you’ve had a credit card for a while, you might know the basics of the stuff on it. You know your security code by heart, the same with the account number. These are two things you’ll want to be able to rattle off the top of your head when you absolutely need to. Those two particular details may have become part of your brain’s data banks for the simple reason of not having to whip out your card for every online purchase, or when the opportunity to simply key in the combination to confirm your purchase arises. But beyond that, you might not actually be looking at the other things that make your credit card tick. You might have heard of some features that a credit card has, but if you’ve ever wondered precisely what makes up the piece of plastic that’s either been your favorite tool or the bane of your financial existence. Here’s everything you need to know when it comes to the anatomy of a credit card. Table of ContentsPowered Plastic: The Anatomy of A Credit CardThe Face of the CardCredit Card IssuerCredit Card NameCredit Card NetworkCardholder NameCredit Card NumberEuropay, Mastercard and Visa (EMV) ChipExpiration DateThe Back of the CardThe Magnetic StripeCVV Security CodeCustomer Service Phone LineSignature BoxHologram Security Sticker Powered Plastic: The Anatomy of A Credit Card You’ve researched some of your credit card’s features, but here’s where you can get all the details about the parts of a credit card and their functions. The Face of the Card This is the part of your…

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How to Redeem Credit Card Points in the Philippines [Updated]

You read that using credit cards can help you save money, but have you actually tried to claim your rewards from it? Most banks offer reward credit cards that can help you get exclusive items such as gift certificates, hotel accommodations, promos, waiving of annual fees, and prepaid load. This can be redeemed through accumulating credit card points with your purchases. Table of ContentsHow Credit Card Reward Points WorkSome things to keep in mind before redeeming credit card points for rewards are:Here are the methods on how you can redeem credit card rewards points from the top banks in the Philippines:Banco De Oro (BDO)Which BDO credit cards are eligible for getting rewards?How many credit card points do I need in order to claim rewards?How do I redeem rewards using my BDO credit card?BPIWhich BPI Express credit cards are eligible for getting rewards?How many credit card points do I need in order to claim rewards?How do I redeem rewards using my BPI credit card rewards points?CitibankWhich Citibank credit cards are eligible for getting rewards?How many credit card points do I need in order to claim rewards?How do I redeem rewards using my Citibank credit card?EastWest BankWhich EastWest Bank credit cards are eligible for getting rewards?How many credit card points do I need in order to claim rewards?How do I redeem rewards using my EastWest Bank credit card?HSBCWhich HSBC credit cards are eligible for getting rewards?How many credit card points do I need in order to claim rewards?How do I redeem rewards using my HSBC credit card?MetrobankWhich Metrobank credit cards are eligible…

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Credit Card Dos and Don’ts

These days, owning a credit card is considered a symbol of being responsible enough with your finances to handle payments on it, or having enough control of your impulses to not misuse it. Owning a credit card doesn’t mean you instantly have money to spend. Your credit card allows you to take out a loan against your next paycheck instantly, and you will have to pay it when your bill comes due. You can easily max out your card without noticing. You should at least know the dos and don’ts of credit card use to avoid falling into debt. Table of ContentsCredit Card DosTake advantage of seasonal promosControl your impulsesChoose cards with affiliated stores and establishmentsKeep your balance lowAnalyze your billing statementsTake credit card precautionsCredit Card Don’tsDon’t use your card for every transactionDon’t pay off just the minimum requiredDon’t be too luxuriousFinal Thoughts Credit Card Dos Take advantage of seasonal promos When shopping, most people go to malls and stores to buy their loved ones gifts. Instead of using cash, use your credit cards to purchase items. While already prevalent most other times of the year, it’s during the holidays that credit card companies offer additional perks and rewards to their clients. Take advantage of such offers to cut down on prices or receive discounts. Control your impulses Resist the temptation to splurge the second you’ve got that piece of plastic in your hands. Do you really need it or do you just want it? As with any purchase that could be deemed impulsive, it’s ideal to think about it for at least 24…

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What is a Credit Card?

It’s a plastic card that you’ve probably used over cash in certain instances, and when it comes to the big-ticket purchases, or to get items on layaway. You have one, or are thinking of applying for one. You know that it can be a risk to your finances if you can’t control your spending. A credit card is considered a great risk to your finances when you don’t understand how you can maximize the benefits you can get from it. Understanding what a credit card is will be essential to it becoming a tool that works for you instead of against you in the long run. Table of ContentsThe historyThe basicsUsageHow interest worksThe transactionThe types of credit cardsFinal thoughts The history Credit cards trace their origins to the Bank of America in 1958, with much of the world being unable to successfully establish a revolving credit financial system. It became popular among travelers to move their credit to places they couldn’t directly use their banking facilities. In 1966, the first credit card outside of the US launched, from Barclays in the United Kingdom. The late 1990s would be the time that widespread use of credit cards by other regions, with countries like France being much quicker to develop and adopt anti-credit card fraud measures. The basics A credit card, by definition, is a payment card issued to someone – who then becomes a cardholder – enabling them to pay merchants for goods and/or services. The bank or credit union who issued the credit card creates a revolving account of credit…

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Christmas Shopping Freebies on your Credit Card

With Christmas shopping definitely underway, you might spot other shoppers walking away with extra bags from the stores you visit, but only bought a similar volume of items as you did. The holiday season tends to be when most stores open up freebies to certain clientele. At times, it’ll be preferred clients, or those who’ve got credit cards that are partnered with their establishment. If you’re looking for Christmas shopping freebies on your credit card, then you’ve come to the right place. Table of ContentsBPIEastWest BankChinabankCitibankFinal thoughts BPI If you’ve got a BPI Amore card, shop just about anywhere and you can get a free treat from Auntie Anne’s for a minimum straight single-receipt purchase of Php 3,000. This offer is valid until January 31, 2017. If you’re looking to build your home theater system, or grab a few new gadgets, then grab your BPI credit card and take a trip to AV Surfer or Sony Centers and build a bundle of gadgets, and get massive freebies. You can choose a planned monthly installment on a bundle, and get a free gift card from Jollibee, Gerry’s Grill, or National Bookstore worth Php 300. Promo is valid until January 31, 2017. For more information on the available bundles, click here. EastWest Bank EastWest Platinum MasterCard holders are in for quite the treat which nets you freebies from Rustans, Cold Stone Creamery, Mrs. Fields, or Royce. Spend on minimum single-receipts of Php 3,000, Php 6,000, or Php 12,000 (installment transactions) to qualify for some pretty sweet freebies. Promo runs from December 8, 2016 to April 8, 2016. Movie buffs won’t want for snacks with EastWest’s promotion with ClickTheCity. Book movie tickets with the ClickTheCity app and enjoy a free 30g tub of popcorn with every ticket purchased! You won’t have to line…

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Holiday Deals and Discounts on Your Credit Card

Holiday shopping is well under way for a lot of people now, whether it’s taking advantage of all the year-end sales, or because they couldn’t do it any earlier than now. The few hassles you’ll have to deal with might involve long lines, and traffic jams, but that shouldn’t stop you in your search for the perfect holiday present. While the sales are a definite help, you might feel that it’s easier to shop with your credit card. Among the many holiday deals and discounts you might find on your credit card, here are a few that should help you spread a little extra holiday cheer around. Table of ContentsGifts aboundFreebies and discountsFinal thoughts Gifts abound Your BPI credit card might just be your gateway to some of the most fashionable gifts this Christmas, and because these all come on BPI’s Real 0% installment terms of up to 24 months, you and your loved ones might just be rocking some pretty special gear. You can get discounts on select holiday items from MyDiamond, Invicta, Technomarine, and WilliamL if you buy on an installment plan with any BPI credit card until January 31, 2017. If you’re shopping for the kids or the collector in your family, your Citibank credit card can help you do so at Toys R Us’ Holiday Big Toy Sale. These toy sales take place at different stores at different times, as seen below: Robinsons Magnolia from December 1 – December 7, 2016, and TriNoMa from December 17 – December 23, 2016. Get up to 70% off for a minimum single-receipt spend…

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5 Things First Time Credit Card Users in the Philippines Must Know

Getting a credit card is something of a rite of passage for some people. It might mean that you’ve got the financial capacity to handle the responsibility of having a credit card. Because it is a responsibility. It’s a big step towards eventually buying a car or a home because having a credit card means you’ll start building a credit score. Seeing as this is your first card, there are certain things that first-time credit card users in the Philippines must know, and here are some examples of things that you should have in mind when you start looking for a credit card. Table of ContentsInterest is a real thingAlways pay on timeRead the fine printKeep your information safeTrack your chargesFinal thoughts Interest is a real thing All credit cards charge interest. The standard is 3.5% and some banks might charge either lower or higher than that, depending on the type of card. This is the amount tacked to your bill if you don’t pay on time. Say that you’ve charged around Php 3,000 to your card, and only paid off about Php 1,000 on your billing statement for the month. When your next billing statement rolls around, you’ll find that you’ve got Php 2,150 due. The extra Php 150 is the interest, and this is compounded annually on the total amount left on your card. It can be frustrating, which brings us to the next point: Always pay on time Unless most of the items on your card were purchased on an installment plan, it’s more helpful if you pay the total amount on your statement as soon as it’s due. This eliminates the risk of compounded interest and having…

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Look: Credit Card Freebies

A credit card is often a tool that gets you some pretty amazing deals and discounts on occasion. Those are already pretty good fringe benefits, especially when you keep on top of your bills and pay it off full and on time. Some of these benefits might not be outwardly noticed, but so you aren’t surprised when you do happen on them, here are some credit card freebies that you need to know about. Table of ContentsCar insurance freebiesFree Food and DrinksTickets in advanceFinal thoughts Car insurance freebies While your need to rent a car may not be an immediate one, if it eventually comes up, you’ll be asked if you want insurance with your rental, which is basically another cost. If you’ve got a credit card, there’s the possibility that you may already be covered. There are credit cards that offer secondary insurance on top of your car’s primary insurance – but it means that you’ll have to be the primary cardholder to be covered. Free Food and Drinks Most credit card offers will involve a purchase at a restaurant in order to receive an exclusive freebie. These are great, but you might also have the added benefit of completely free stuff depending on the type of credit card you have. Some credit card types that cater to a specific niche provide free coffee, or food exchanges once certain spending limits are reached, making it a convenient enough treat. Free Flights and Amenities Co-branded credit cards that cater to travelers carry an impressive array of freebies. Some other cards…

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Credit Cards That Help Motorists Save Money

Credit card use is fast becoming widespread in the country. Most people will use it for larger purchases or the smaller things like groceries and clothing purchases. With repeated use, one can earn rebates on money spent or rewards that can be traded for freebies. Many gas stations in countries like the US are largely self-serve, with patrons simply swiping their cards through a reader to unlock the pump and fill up. There are a lot of motorists in the country who are aware that they could use their credit cards for car expenses, but actively choose not to in order to avoid the possibility of debt. There are benefits to it, and here are some of them. Table of ContentsRebates on fuelService benefitsFinal thoughts Rebates on fuel There are at least eight credit cards available in the country that caters specifically to motorists. These cards are either co-branded with gas stations, or car manufacturers. These cards entitle the holder to fuel rebates. Here’s a quick look at the cards and their rebates: BPI Petron MasterCard – You can get a 3% rebate at participating Petron  A maximum of Php 15,000 in rebates per calendar year is applicable. East West Bank Hyundai MasterCard – You can get a 5% rebate at any gas station, and up to Php 1,000 in rebates every month. HSBC Credit Cards – All HSBC credit cards can get a 3% rebate at participating Caltex  Transactions up to Php 20,000 per month will also earn a rebate. Metrobank Toyota MasterCard – You can get a 3% rebate at participating Petron  A maximum of Php 15,000 in rebates per calendar year applies. Security Bank MasterCard Complete Cashback – You can earn a 4% rebate on fuel. This also includes a maximum cashback up to Php 12,000 including…

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Discover Which Schools Accept Credit Card Tuition Fee Payments

Whenever the next school semester starts up, parents end up needing to bring massive amounts of cash with them to pay for their kids’ tuition fees. The risk of having that much cash on one’s person notwithstanding, it can be a hassle owing to the fact that most ATMs have a Php 20,000 withdrawal limit, and lines for over-the-counter transactions tend to be twice as long. To remedy this, most schools will allow check payments. Even better is that apart from check payments, ATM and debit card payments have also been integrated into their systems. While not quite new, many schools and banks allow credit card tuition fee payments, and here are some of them. Table of ContentsBanksBDOApplicable for the following schools and universities:You can get the proceeds through these ways:BPISchoolsCIIT College of Arts and TechnologyDe La Salle UniversityUP DilimanFinal Thoughts Banks These are some of the banks that allow payments via credit card, or installments via credit card. BDO Enjoy longer, lighter payments on tuition fees with as low as 0.75% converted monthly factor rate for 9, 12, 18 and 24-month tenors; 1.00% converted monthly factor rate applies to 3 and 6-month tenors. Applicable for the following schools and universities: Asian Institute of Management Colegio de San Agustin De La Salle University De La Salle Zobel School Exploration School First Academy of Computer Arts John Robert Powers (Makati and Quezon City) Keys School La Salle Greenhills Miriam College O.B. Montessori (Angeles,Greenhills, Fairview, Las Pinas, Sta. Ana) Our Lady of Perpetual Succor College PAREF Northfield School for Boys PAREF Southridge School Phil. Center for Creative Imaging St. Mary of the Woods School St. Paul College ofPasig St….

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5 Wrong Assumptions About Credit Cards

    Many Filipinos think that having a credit card will automatically be bad for you. This misconception is one of the reasons why there is still a low credit card penetration rate in the Philippines, as shown in the United Nations Conference on Trade and Development (Unctad) B2C E-commerce Index 2016 that among adult consumers, only 3% have credit cards. One factor where we can attribute this is because of the negative connotation of credit cards among Filipinos. Here are some of them: Table of ContentsTOP MISCONCEPTION: Credit cards are bad for me.Credit cards will put me in debt.Credit cards will make me spend more than I should.Finding the best credit card for my need is hard.I won’t feel the impact of the credit card discounts and cash backs on my purchases.Parting Thoughts TOP MISCONCEPTION: Credit cards are bad for me. People highlight that credit cards are evil because of what they read in the news or hear from the press. The Bangko Sentral ng Pilipinas regulates all financial products, including credit cards, so that they designed to serve the best interest of consumers. Credit cards will only officially opened once they are activated, even in the event of agents cold calling you or banks proactively sending you credit cards for activation. Credit cards will put me in debt. Debt from credit cards come from the accumulated spending and compounding interest due to late payments. Owning a credit card doesn’t put you automatically in debt all the time because it is up to you on how to manage your finances….

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8 Best Family Cars for Your Summer Vacation 2016

The moment you open your eyes and find yourself bathing in your own sweat, you know it’s that time of year again. Here come the longer days and warmer nights- it’s officially summer 2016. As well as the scorching hot weather, company outings, summer getaways, and family reunions are always on the agenda. Generally speaking, it’s either commuting by public transport or renting a car to get you to your destination, but these can be pretty tiring, not to forget very risky for families too. Not unless you are renting from a trusted car renting company, of course. But if you’re already tired from all the processes and their limitations, maybe it’s time for you to look for your own car. Here are the 8 best family cars for your 2016 summer outing. 1. Kia Sedona The Kia Sedona offers a spacious cabin with eight seats making it best for a big family. It is also considered a handsome looking vehicle, even though that word is rarely associated with minivans. The Sedona features an audio system supporting AM, FM, CD, MP3 and SiriusXM, and a 4.3” Screen Audio Display plus four speakers. Thus, it will definitely make long trips for children more tolerable (or even great)! In the automotive market, Kia is not only known for its affordable prices, but also for its innovative technology which guarantees quality and safety. If you’re looking for a not too pricey but still sturdy family car, this might be the best option for you. 2. Subaru Outback After its redesigning in 2015, the…

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7 Reasons Credit Cards Are Better Than Cash

With 7 million credit cardholders in the country, the Philippines is still below a number of its Southeast Asian neighbors in terms of penetration rate. This means that Filipinos are still averse to the use of plastic with 65% of mall sales still done through cash. With the high monthly interest charges and above-Php 1,000 annual fees, many do not see the benefits of using credit cards. However, when used right, they can actually save you money in the long run. Here are 7 reasons credit cards are better than cash: Table of ContentsProtection for youProtection for your purchasesCashback rewardsExclusive discounts and promosRewards pointsAir miles0% interest in installmentsThe good, the bad, and the better Protection for you Insurance is one of the best ways to keep your finances secure from emergencies and unforeseen events. A number of credit card providers offer insurance covering travel, accidental death, permanent disability, and medical coverage – often, at no extra charge. Make the most out of it by: If you don’t have health insurance yet, BDO credit cards come with health insurance for as low as Php 350 a month. Monthly health insurance usually costs above Php 1,000 a month so you can save Php 650. Also, some credit cards will give you free travel insurance if you buy your tickets with your card. What to look out for: Read the fine print of the insurance policy carefully to ensure everything you discussed and agreed upon is included. You don’t want to make a claim and then have it be disapproved because it wasn’t part of the…

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BSP: Dealing with Credit Card Trouble

Credit card debt is a cautionary tale you hear from all corners. Most people will say that having a credit card is unnecessary and the temptation to use it for every little thing is too great. When you do find yourself deep enough in credit card debt, there’s a chance that you’ll have to deal with collectors. Being in credit card debt so bad that collectors call you constantly is bad, yes. But it doesn’t mean that you lose all rights as a person. You’re aware that being unable to pay your credit card bills on time means penalties and this has an eventual effect on your credit history. When your account gets turned over to collections agencies, The Bangko Sentral ng Pilipinas (BSP) has regulations on Unfair Collection Practices, to prevent the average in-debt individual from being harassed. What they can and can’t do to collect Under these regulations, all collection agencies are required to treat you fairly and prohibit certain ways of collecting on someone’s debt. The Manual of Regulations for Banks (MORB) – Section X320.15, specifically – states that collections agencies, credit card companies, counsels, and other agents can resort to “reasonable and legally permissible” means to collect on debts under the agreement. There are a few things that they cannot do when they want to collect, and here are some of them: Use threats of violence, physical or otherwise, towards the person. This includes threats towards their reputation or property. Use obscenities, insults, or profane language. Disclose publically of the names of credit cardholders who allegedly…

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Why You Need to Maintain a Good Credit History (Infographic)

Roughly 4 to 7 million Filipinos own a credit card. Of that number, how many do you think pay off their full balance monthly? Many people assume that credit cards only serve to drive a person in debt, and it can be true when a person is unable to manage their spending properly. The way you handle your credit card or debts of any sort directly tie into your credit history. A credit report is how financial institutions measure whether or not you can manage timely payments on any amount you borrow. Your credit report is determined by your credit history, which also determines your credit score. Most other countries have a centralized agency that collects this information. In the Philippines, this information is handled by private contractors like TransUnion[1], which partnered with BPI, Banco de Oro, MetroBank, HSBC and Citibank in 2011. The Credit Information Corporation aims to change this when it begins operations later in 2015. As a government-owned and -controlled corporation, it will be the central bureau for all credit information. A centralized credit bureau allows for more transparency, meaning that the ordinary borrower will have access to their credit score information. Private agencies, such as TransUnion, do not distribute this information. Your credit history – good and bad – can affect whether or not you can finance your dream home or get approval for a credit card. Building a good credit score means that interest rates on any money that you borrow will be lower, and approval on loans you make will be faster. So what…

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