Ngern Tid Lor helps fix bad credit score and build good credit to create a sustainable financial life

Ngern Tid Lor helps fix bad credit score and build good credit to create a sustainable financial life

Ngern Tid Lor Public Company Limited, or TIDLOR, led by Piyasak Ukritnukun, Managing Director, stated, “Since our establishment, Ngern Tid Lor has provided financial services for lower income customers with careers as freelancers and others categorised as underbanked customers.

Our target customers’ opportunities to access funding approval from banks are constrained. There is a lingering financial inequality problem with no concrete solution. Part of the problem is caused by customers being unable to build good creditworthiness from their financial history because financial institutions that will offer loans to them are not listed as credit bureau members. While the overall outlook seems positive for customers without credit records as a borrower or irregular debt payer, financial services provided by non-credit bureau financial institutions (non-bank) cannot reference good financial records for customers. Therefore, customers are not eligible for building good financial history as banks and other financial institutions are unable to use a customer’s debt payment record as a reference for future loan approval.”

“Furthermore, amid the competitive sphere of the non-bank sector, some service providers avoid registering their businesses as credit bureau customers in order to reduce service costs. Moreover, some service providers take credit bureau misunderstanding among the public for granted by promoting services through eye-catching copy such as “No Credit Bureau Required” to convince customers to use the service. Such claims mislead customers as well as prevent them from building up financial creditworthiness.”

In recognising the issues, Ngern Tid Lor has launched “Easy Loan, No Guarantor Required” TV commercial and online media campaign to convince borrowers who made financial mistakes on their financial records to fix their history and start anew gaining access to financial services with sustainability and with knowledge, understanding and credit bureau benefits acknowledged. 

The commercial content is focused on the simple credit loan application for car and pick-up truck owners who do not require creditworthiness or a guarantor as part of the application process in order to alleviate the concerns of loan applicants. The content aims to build awareness among the public of how to fix unreliable creditworthiness which metaphorically speaking is like a scar, and how to generate creditworthiness and responsible debt payment records, so the scars fade. 

Furthermore, borrowers are eligible to gain the maximum benefits from Ngern Tid Lor financial services which is listed as a member of the credit bureau. As borrowers with successful loan approvals, customers are entitled to apply for financial loans from banks again. They can progressively access lower interest rate loans trust is built from customers’ responsible debt payment records.  

As of mid-2022, over 90% of loan borrowers in Ngern Tid Lor’s customer database have good debt payment records while bad debtors accounts for only 1.39%, reflecting good debt payment commitment and discipline. 

Credit borrowers are offed “TIDLOR Card” where cardholders are not charged interest when the card is not used to withdraw cash. “TIDLOR Card” enables cardholders to withdraw cash according to their approved credit lines via over 50,000 ATM machines nationwide, 24 hours, helping customers access funds when needed with convenience. The card also reduces processes in lodging an application for a new loan and traveling costs to branches. 

National Credit Bureau, or “Credit Bureau”, is established with a vision to represent the key organisation providing high quality credit information service for financial institutions as well as collecting debt payment records of borrowers who are the commercial banks’ or members’ customers. The credit bureau services cover provision of borrowers’ records where members are granted access to the system to recall records to use in financial loan management. When borrowers wish to re-apply for another credit loan, the financial institution members are allowed to check debt payment records of certain customers to use as reference for the applicants’ ability to incur additional debt according to the conditions of the financial institution. The information is used as part of other repayment factors including income and collateral.

Therefore, even borrowers who are self-employed or in employment with no regular source of income can have creditworthiness and be credited with a good debt repayment record in their credit bureau financial history. In case borrowers have a bad debt payment record, the commitment in current debt payment for at least 1 year or as agreed in the contract will recompense the good repayment record. 

The good record appearing on the credit bureau database entails opportunities for fixing bad credit records and creating better credit history that enable the next application for a loan from over 100 financial institutions who are registered as members of the credit bureau office. Furthermore, customers with newly enhanced records are eligible for lower interest rates and more appropriate conditions. 

Borrowers are availed of financial services provided by credit bureau members as membership requires exclusive business conduct conditions which non-members are unable to fulfill. Credit bureau membership helps prevent customers from falling victim to misconduct of some service providers operating business without transparency to take advantage of consumers. 

This reflects the intent of Ngern Tid Lor to create financial opportunities and improve the public quality of life in order to gain access to legitimate financial resources and obtain loans for business recovery and mitigate risk of falling prey to loan sharks. 

The advertising campaign “Easy Loan, No Guarantor Required” can be watched at YouTube ngerntidlor and Facebook ngerntidlor. For more information, please visit www.tidlor.com or contact call center at 088-088-0880 for 24 hours.  



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