CTOS Data Systems Sdn Bhd, Malaysia’s leading credit reporting agency, is offering free MyCTOS reports with CCRIS (Central Credit Reference Information System) for consumers as part of a nationwide financial empowerment campaign.
This is to encourage more people to take the first step towards managing their financial health, according to CTOS Data Systems’ CEO Eric Chin.
Over the past 12 months, CTOS revealed that there has been a 52% increase in consumers accessing their CTOS credit report with a recent survey showing that 57% of consumers checked their credit due to financial issues caused by the COVID-19 pandemic.
“COVID-19 and the uncertainties that came with it has highlighted the urgent need for Malaysians to get on top of their financial health,” commented Chin.
“Based on CTOS data, however, only around 1.3 million out of the approximately 15 million working population in Malaysia perform self-checks to access and manage their personal credit information.”
A CTOS personal credit report contains detailed information about a person’s debt, account histories for credit cards and loans such as payment history, including any late payments, credit limits or loan amounts, account balances and credit inquiries.
Legal cases and bankruptcies are also listed in a separate section of the credit report as well as directorships and business interests.
Banks and other lenders use this information as part of the credit evaluation process before approving any credit applications like credit cards and loans.
The importance of having a good credit report isn’t limited to financial products only. Potential landlords may also review an applicant’s credit report to decide whether to rent their property or not.
Some employers even check credit reports as part of the job application process.
“At CTOS, we aim to empower as many people as possible with the right tools and knowledge to make good financial decisions, especially in times like these when it matters most,” enthused Chin.
“It’s about having the clarity and understanding of your financial position to work towards your financial goals. Checking your MyCTOS credit report is the first step of that journey.”
The free MyCTOS Report with CCRIS campaign is available through www.ctoscredit.com.my as part of the CTOSCARES initiative until July 31. – June 28, 2021
