3 Tips to Get Out of Bank Negara Blacklist

It is often unpleasant to be in the blacklist of a corporation, especially when it is Bank Negara. We always hear from our customers that they have been blacklisted by Bank Negara. If you have been blacklisted by the CCRIS system, do not panic and note the tips below.

Why and How?

You may wonder why you are in the blacklist. It is not official but banks will put you on their internal blacklists if you have problems with certain items on your report. The idea is to have clean reports, not empty reports.

The items on your report include:

  • Banks You Have Loans/Credit Cards With.
  • Credit/Loan Applications.
  • Amount Borrowed.
  • Credit Limit.
  • Type Of Repayment (Monthly, Yearly, Etc).
  • Installments In Arrears (Missed Payments).

For instance, it is an overall bad credit rating that causes you to be blacklisted by the bank. The most distinct factor is the arrears that appear on your credit report. The more missed payments you have, the more likely you will be blacklisted by the CCRIS system.

3 Scenarios and Ways to Handle Them

There is no overnight fix for this issue. It all boils down to one thing, which is to pay your dues. In different scenarios, we would suggest options to deal with the situation.

1. Not Paying Off Loan in Full by the End of Tenure

The solution to this problem is to pay off your loan completely. If you cannot afford the whole sum, you can phone your bank and negotiate a repayment schedule. However, if you’re past the grace period, they might not agree for the case.

If you are able to pay off the debt, you will need to request a Letter of Discharge from the bank (this will usually be supplied either on the spot or within two weeks of full settlement). When you receive this letter, inquire as to when the bank will submit this information to Bank Negara. Make sure you go to Bank Negara to double-check that everything is in order. Also, call your bank to make sure it is solved. 

Meanwhile, you will need to bring your Letter of Discharge with you when applying for new loans or credit cards to show that you have paid off your debts.

2. Always Late in Paying Debts

Some folks are not intentionally late with their payments. They are simply forgetful or tardy and end up paying late. Even this might wreak havoc on your credit score.

According to Bank Negara’s reports Keep track of your payment history for a year (12 months). As a result, in order to correct this problem, you’ll need to pay on time for 12 months in a row to delete your old record. Ten out of twelve months is not awful either, but the longer you pay on time and attentively, the better you’ll appear on paper.

If it will assist, make a standing instruction. If you can avoid a blemished credit report, the extra fees can be worth it.

3. Missed a Few Payments In Between

You will need to pay off all of your arrears(the payments you’ve missed). You do not need to pay the entire loan amount if your loan is still active. Then, repair your credit by conscientious payment in the same way you did in the previous instance.

If the missed payments are excessive, speak with your bank to see if they would be willing to include the missed amounts in the remaining loan balance and adjust your monthly payments to cover the missed amounts. If the response is still negative, you will know you have tried all possibilities.

Conclusion – Pay your Debts

As previously said, if you take out a loan, you must repay it. The basic line is that you must pay your dues if you wish to be removed off a blacklist.

If you are unable to make payments, you may need to contact AKPK for a debt restructuring or file for bankruptcy. Both of these options will have their own set of restrictions and rules, so consider carefully about what you’ll do to improve your financial status.

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