Pefindo Credit Bureau Launches MyIdScore, Helping Individuals Build Financial Reputation

Financial reputation is an important aspect that becomes an indicator for every financial institution to channel credit to individuals. Therefore, it is important for each individual to maintain a positive credit reputation so that it can be used at any time when needed.

One of the efforts to maintain credit reputation is to maintain compliance with paying installments or installments on time. However, there are times when we have complied, there is still the possibility of data discrepancies.

Therefore, the public is considered to need to periodically check the information reported by financial service institutions. This is what Pefindo the Credit Bureau (PBK) is trying to use with its latest innovation, MyIdScore.

A platform that provides credit scoring reports for individual customers that can be submitted and accessed digitally complete with historical credit reports.

Coinciding with the 7th anniversary of PBK, PEFINDO’s President Director of the Credit Bureau Yohanes Abimanyu said, “The presence of this product aims to help the community determine their creditworthiness level either before making a loan or as an evaluation material. This product can also be used to check the accuracy and the up-to-dateness of debtor data.”

Become a B2C Solution

Previously, credit scoring was identical to BI Checking — now it is SLIK at OJK. Individuals have to manually access it through regulators with a fairly complicated process and obtain standard historical credit report information, without a credit score. Through this new solution, MyIdScore offers more complete reports with easier access.

This report presents the debtor’s profile, a list of credit facilities that have been and are still owned to date, details of the facilities owned, history of credit facilities, outstanding balances for the last 24 months, and credit status (bad/current) to the possibility of default and other information.

There are three packages provided to access the MyIdScore service, namely free report (free 1x / first year), Silver Report (Rp75,000 for 1x checking), Gold Report (Rp125,000 for 3x checks in three months), or Platinum Report ( IDR 175,000 for 3 checks in one year).

The score used ranges from 250 to 900, which is directly proportional to financial reputation/creditworthiness level and inversely proportional to credit risk profile.

The higher the score, the lower the credit risk and the more likely the credit is approved. Currently, MyIdScore has also been integrated with OJK SLIK, so that the information presented will be more accurate and relevant.

The information released by MyIdScore can be used against various financial institutions. However, even with a positive credit score, basically every financial institution has its own risk appetite.

Regarding this, his party said that the information provided was only intended to facilitate financial institutions in credit scoring analysis. One of the segments that this solution will greatly benefit from is creative/informal workers.

Practical Credit Scores Will Make It Easier For Users To Get Loans

One of the well-known actresses who was present at the launch of MyIdScore, Dian Sastrowardoyo shared experiences in the early days of her career as an art worker whose credit applications were rejected because they could not complete the required documents such as salary slips and irregular income.

“With a practical credit score, we know what we have to improve so that the bank doesn’t get rejected repeatedly,” he said.

“By checking the credit score, prospective borrowers can measure their creditworthiness and how likely it is that their loan application is approved. A person’s score and track record are a reference in the credit analysis process. If the credit score is good, credit approval will be easier to obtain,” said Abhimanyu.

PBK Director Wahyu Trenggono also added that this information is the first stage. In the future, the company sees the potential for further development for other angles. Not only based on banking history but also through cellular information.

Previously, Pefindo had already released IdTelcoScore for credit score analysis from cellular numbers. Bank Indonesia estimates credit growth in 2021 at 4%-6% and Third Party Funds (DPK) growth at 6%-8%.