4-1 What is the meaning of a JCIC Credit Score?
There are three kinds of results if you apply for your JCIC Credit Score.
- Actual credit score: A score with a range between 200 and 800, along with a percentile you fall into. The higher your credit score, the better your credit is.
- No credit score: This means that due to some reasons (ex. lack of credit information, a default), it is not appropriate to give a credit score.
- Fixed score: If someone already has a default but still has other normal credit behavior, he/she will be given a fixed score of 200.
If you get "no credit score", "fixed score" or a score indicating poor credit, their primary reasons will be explained.
4-2 What does a percentile represent?
A percentile is a number indicating the relative standing of a particular score within all the observations that have actual credit scores. For example, if your score is in the 70%~80% percentile, that means in comparison with those who have actual credit scores, you score better than at least 70% of the people. The percentiles are updated every season.
4-3 What are the reasons for "no credit score"?
It is considered not appropriate to generate a credit score if the subject has one of the following situations.
1.Lack of credit information: Both credit card and loan information are not sufficient.
- For loan information, either "Payment history is less than 3 months" or "Zero loan balance within the last 12 months" is considered not sufficient.
- For credit card information, either "Credit card history of active credit cards is less than 3 months" or "Haven't used credit card within the last 12 months" is considered not sufficient.
2.Not proper to get credit: A person under a declaration of guardianship.
3.Disputing about credit records: Supplemental and notation information at the JCIC shows that the subject is in a dispute or lawsuit over credit.
4.Already has a default, and currently has no other normal credit behavior: the JCIC definition of "default" means that the subject has any of the following credit records within the data disclosure period.
- Loan account being classified as overdue loan, debt collection or bad debts.
- Suspension of credit card, debt collection or bad debts.
- Being denied service by the check clearing house.
5.In debt negotiation: Supplemental and notation information at the JCIC shows that the subject is involved in the Consumer Debt Negotiation Mechanism of the Bankers Association of the ROC.
6.In the Consumer Debt Clearance Program: Supplemental and notation information at the JCIC shows that the subject is involved in Pre-negotiation, Debt Mediation, Rehabilitation and Liquidation.
7.Only has student loans: Because a student loan is one of the government loans, it is considered not an actual credit behavior.
4-4 Will "no credit score" affect me from getting a credit?
"No credit score" doesn't mean a zero credit score or having bad credit. It just means that it is not appropriate to give a credit score, and the primary reasons will be explained.
4-5 Why "lack of credit information" leads to "no credit score"?
Without any credit record or with a credit record less than 3 months, the credit scoring system won't be able to generate a credit score as there isn't enough past behavior to assess his/her creditworthiness. But it only means there isn't enough information at the JCIC. The financial institutions can use other alternative data (such as bank balances) to help them do the assessment. Since "no credit score" doesn't mean high risk, he/she could be a potential client.
4-6 What kind of situation leads to "fixed score"?
If someone already has a default but still has other normal credit behavior, he/she will be given a fixed score of 200. This is not an actual credit score, but a specific score given to this kind of situation.
4-7 When will the reasons be shown about my JCIC Credit Score?
If you get "no credit score" or "fixed score", there will be a reason shown on your report.
If you get a score which indicates poor credit, some primary reasons will be given.