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 Credit Bureau (PBK) is trying to use with its latest innovations 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, "This product is intended to help people know 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-date data of the debtor.”

B2C Solution

Previous, credit scoring identical to BI Checking -- now a SLIK at OJK. Individuals must 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 reports (free 1x / first year), Silver Report (Rp75.000 for 1x checking), Gold Report (Rp125.000 for 3x checks in three months), or Platinum Report (Rp175.000 for 3x checks in one year).

The scores used range from 250 to 900, which is directly proportional to financial reputation/level creditworthiness and inversely proportional to the 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 for various financial institutions. However, even with a positive credit score, basically every financial institution has risk appetite each. 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. One of the well-known actresses who attended the launch of MyIdScore, Dian Sastrowardoyo shared experiences in the early days of her career as an art worker whose credit application was rejected because she 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 credit score, prospective borrowers can measure their level of creditworthiness and how likely it is that their loan application is approved. A person's score and track record is 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. Going forward, the company sees the potential for further development of angle other. Not only based on banking history but also through cellular information. Previously, Pefindo had already released IdTelcoScore for credit score analysis of mobile numbers.

Projected credit growth in Indonesia

Bank Indonesia estimates credit growth in 2021 at 4%-6% and growth in Third Party Funds (DPK) at 6%-8%. The forecast for credit disbursement in 2021 is supported by optimism about monetary and economic conditions, as well as relatively subdued credit disbursement risk.

Reflecting on 2021, Yohanes responded by relaxing or opening the economy, automatically encouraging the growth of economic activity and credit in Indonesia. Based on data from OJK and Bank Indonesia, projected credit growth will increase to 4%-7% in 2022. "Seeing the projected credit growth is getting better, we hope to help the community maintain their financial reputation," he added.