We frequently make sure our physical health is still in good condition; if it is not we take a doctor’s advice with regards to how we can feel better. If we are ‘burning out’ at work, we will take a holiday and some time for rest and relaxation. If our economic health is not on par how can we, first of all be aware of this, and secondly how do we rectify it?

Cambodia’s economy is rapidly developing with growth at more than five per cent per year. As the economy grows so does the burgeoning middle class. This growing middle class have a changing lifestyle. Increased household income means consumer demand for financial products and services including lines of credit and loans.

The way institutions decide on whether to loan an individual money, and what interest rate to loan that money at, all depends on the individual’s credit assessment, among which credit history is one of the factors to take into consideration.

These factors define an individual’s credit-worthiness.

Sothearoath Oeur, Chief Executive Officer of CBC, said “credit history refers to the record of credit-loan usage of an individual which includes their current and previous loan, the payment behaviour, and their loan account status”.

This information is included in the credit report, “the record of an individual borrower’s credit payment history compiled from banks, microfinances and major financial institutions”, said Oeur.

How then can individuals maintain a good credit history and get a credit report? Oeur told The Post “To help people maintain good credit in their credit report, CBC has been doing a lot of communication for the past few years to educate the public to understand their credit report and how it is important for them”.

There are several activities that CBC has been doing so far such as university conference, sharing sessions in form of consumer talks, radio programmes, and TV interviews.

Without access to their own credit report, individuals may have no idea whether their credit history is good or not.

With this in mind, in addition to education, CBC has also introduced a Financial Health Check service at the end of 2018 to make it convenient and easy for the general public to request their credit report by partnering with AMK Microfinance and Acleda Bank Plc.

Thus, they don’t need to come to CBC office, they can go to any selected branches of both institutions and request their credit report.

A good credit history is well worth the effort as the benefits will be plentiful and lifelong. As Oeur noted, “Whenever you access credit services at any regulated financial institution, you are establishing your own Credit Report.

Through this report, financial institutions can identify your credit transaction behaviors and the risk level you are at.

On time payment behaviours reflect your good and trustworthy credit profile which could generate more opportunities for you to obtain credit faster with competitive terms and conditions including interest rates”.

CBC is working hard to educate and inform the public about the importance of maintaining a good credit report.

With loans becoming a necessary part of life for more and more Cambodians, building a solid credit history can have a dramatic effect on quality of life in the Kingdom.

CBC is here to help Cambodians manage their credit history now and in to the future.