NCB urges checking credit, care in avoiding debt traps

The National Credit Bureau (NCB) is urging Thais to review their credit information annually to monitor their debt conditions and protect against financial fraud.

- SOMRUEDI BANCHONGDUANG BOONSONG LIPIMAS

Speaking at the "How to Survive When Money Gets Tight" panel in the "Next Gen Finance" forum hosted by the Bangkok Post yesterday, Tharit Sriarunotai, senior executive vice-president of the NCB, said borrowers should review their credit records at least once a year.

Regular checks help individuals assess their financial health and ensure their personal information has not been misused for fraudulent loan applications amid rising cyber threats, Mr Tharit said.

Borrowers can access their credit information via NCB service centres, member financial institutions, or mobile applications, including mobile banking apps and the government's Tang Rat app. The service is free when accessed through the Tang Rat app, he added.

With household debt accounting for approximately 90% of GDP, Mr Tharit emphasised debt restructuring as a crucial tool for alleviating financial burdens. Consolidating multiple loans into a single facility can lower interest costs and reduce the number of monthly repayments.