Is below sentence correct? Or what is a better form for it?
"It is good news (that there is no problem) since I thought a problem has raised"
I am not sure about using the verb "has raised". Is it correct? Should I use "had raised" instead?
This should be phrased in the past perfect (had raised) rather than the present perfect (has raised). We use past perfect to talk about something that happened before another action in the past, which is usually expressed by the past simple (thought in this case).
This can be either in the active voice with subject and object or, as here, in the passive voice with the subject acted on by the verb.
The past perfect (had raised) in the active voice would be:
It is good news (that there is no problem) since I thought somone had raised a problem.
or in the passive voice:
It is good news (that there is no problem) since I thought a problem had been raised.
No matter how you tinker with the tenses, "raise" is wrong because it is a transitive verb, i.e., one requiring an object. The intransitive "arise" might work, modulo the tense.
That said, supposing you choose the right verb (an intransitive), you shouldn't use any of the present tenses, as no problem existed in the first place.