TOUCH ‘n Go Group announced that it will be providing its Touch ‘n Go e-Wallet users with a free MyCTOS credit report with CCRIS, as it continues to promote elements of consumer education within the context of financial inclusion.
This industry-first initiative is the outcome of a strategic collaboration between Touch ‘n Go e-Wallet and credit reporting agency CTOS Data Systems Sdn Bhd (CTOS).
The collaboration will also see CTOS joining Touch ‘n Go e-Wallet’s ecosystem through the latter’s mini programme initiative, where e-Wallet users will now have access to tools to facilitate credit health self-checks, obtain educational articles about credit and credit reporting.
“This really is a market-first, an initiative about empowering all Malaysians, and we’re hoping to educate everyone that understanding, and having access to one’s own credit health is necessary, especially in developing countries and growing economies,” said Touch ‘n Go Group chief executive officer Effendy Shahul Hamid.
“We also hope that through this initiative, people will find the topic of credit reports and credit health ratings less scary, and in turn use this as a platform to understand the space and enhance their individual credit profile.”
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 lenders use this information as part of the credit evaluation process before approving a credit card and loan applications.
Checking a credit report helps consumers understand what banks see and how evaluations are made to either approve or reject credit extensions.
Consumers can also check for any signs of identity theft and fraud, any litigation or bankruptcy cases registered under their names and also fix any inaccuracies that may show up.
“Globally, e-Wallets such as Touch ‘n Go e-Wallet have been embraced as a fast and easy way for consumers to manage money digitally,” said CTOS Data Systems chief executive officer Eric Chin.
“At CTOS, we aim to empower as many people as possible with the right tools and knowledge to make good financial decisions and checking your MyCTOS credit report is the first step of that journey. Our partnership with Touch ‘n Go, Malaysia’s e-Wallet market leader, will enable their 16 million e-Wallet users to access and understand their credit health conveniently and seamlessly.” – Dec 14, 2021
