- MCIB records include credit facilities, outstanding balances, instalments, repayment history and arrears. Loans and credit-card facilities reported by participating institutions contribute to the same overall picture of your commitments.
- MCIB participants must consult the bureau before approving, increasing or renewing a credit facility. A new bank can therefore assess your existing commitments; moving your borrowing does not give you a blank credit history.
- Missed payments and heavy existing commitments can make approval harder and may affect the amount, security or terms a lender is willing to offer. Your income, affordability and the lender’s policy also matter. MCIB does not blacklist borrowers or decide whether a loan is approved.
- For loans you already have, keep following the agreed repayment terms. A change in your credit profile does not by itself automatically change every existing loan’s rate. Lenders may review your position when monitoring an account or considering a renewal, increase or refinancing; contractual rules still apply.
Check your record and correct errors
You can request your own credit-profile report from MCIB; its published guidance says individuals can obtain it free of charge after identification. Check the current request procedure with MCIB. Raise inaccurate information first with the institution that supplied it, then with MCIB if it is unresolved. Paying arrears is important, but does not mean all past repayment history disappears immediately.