Credit Ratings

[dave111223]

In the US there is a credit rating system (a specific numeric credit score based on your credit history), you can also check your score through various websites online.

Is there a similar system in Thailand? Can a Thai person check what exactly their current credit rating is?

As far as i can gather it is a more simple system where you are either "Good Credit" (no defaults) or "Bad Credit" (with default)?

[millionair]

I tried looking for this long time before.din't found anything.

[alant]

not sure about a credit rating, is there a back-hander rating? can businessmen check who will slip them most?

[lothda]

There is a watchdog. As far as I know every holder of a credit card issued in Thailand gets a letter about his/her credit rating once a year. I just got mine.

[dave111223]

There is a watchdog. As far as I know every holder of a credit card issued in Thailand gets a letter about his/her credit rating once a year. I just got mine.

Yes, but in that letter it just says your current credit is normal (no outstanding bad debt). It doesn't seem to give much more than that, no score, or letter grade etc... Is this because in Thailand they don't actually have gradings of credit, or just they don't include it in this letter?

[Farma]

There's a PDF report on the worldbank.org site of a presentation from THAI CREDIT BUREAU CO LTD on "Credit Bureau Development in Thailand" presented May 2004.

It discusses 2 Credit bureau set up in 1998 and efforts to merge the 2. The TCB by the ministry of finance with the Government Savings bank and a local technical partner. The other was set up by the commercial banks partnered with Thai and Foreign technical partners.

Another PDF download on bis.org has this to say.http://www.bis.org/ifc/publ/ifcb31f.pdf

The National Credit Bureau, Co., Ltd. has announced that it will start offering credit scores in

2009. These scores will be calculated from the payment data already collected. Some banks

have already expressed interests in using these scores since they will be computed from a

much larger customer pool than each individual bank has. Those with their own scoring

model may use them as benchmarks while those without welcome the chance to use scoring

to complement their rule-based or relationship-based lending. Still, some banks are taking

the wait-and-see approach and cost is a consideration for some.

[aurelius]

There is a thing called a "bureau score" which is used by Credit Bureau members together with a very detailed report of loans taken and repayment quality. Most people sign a form authorising a bank or finance coy to access this information when they apply for a loan or credit card. Foreigners who have had any credit will be recorded under this system as well. Individuals can request a copy of their own record via the Thai Credit Bureau. As far as I know, at this stage, it doesn't include any information about deposits/investments held.

[katabeachbum]

There is a thing called a "bureau score" which is used by Credit Bureau members together with a very detailed report of loans taken and repayment quality. Most people sign a form authorising a bank or finance coy to access this information when they apply for a loan or credit card. Foreigners who have had any credit will be recorded under this system as well. Individuals can request a copy of their own record via the Thai Credit Bureau. As far as I know, at this stage, it doesn't include any information about deposits/investments held.

farang can be hard to find in this system, cause those without thai id card number usually are registered on passport number. When I have applyed for credits, I have brought previous records of credits which is much apreciated and simplifyes the process for lender

Note that rejected credit applications are also recorded in this system. Doesnt take many rejections before every lender avoids you

I believe it still does only record granted/ rejected credits, nothing on income or investments/assets, so this is for you to show.

[khaowong1]

Yes, it's called Gold... and their credit rating depends on how much they are wearing.

[bkk_mike]

When we got a mortgage, the UOB people took us to the big Government Savings bank building near Rama 9, where they ran a check against me at a building on the first floor.

Oddly enough, it didn't find anything as I'd never borrowed money in Thailand (or acted as guarantor, as I did with the mortgage).

I don't know if there's a score as such. But it would probably show who you have your outstanding loans / credit cards / etc. with.

It's definitely a lot less automated than it is in the west - where the bank staff can literally check your credit rating with a mouse press (after confirming you're OK with it - as obviously lots of checks aren't good for your credit rating...)

Edited August 15, 2010 by bkk_mike

[mark5335]

The NCB in Thailand presently does not provide credit scores. However, most of the major local banks who are members of NCB have there own credit scoring system which includes data extracted from the NCB along with demographic & eomployment data taken from your credit application, to determine individual credit scores for their customers/applicants. The banks would not disclose such scores to their customers.