CTOS launches on­line credit score check ser­vice

> Pub­lic can use the sys­tem to bet­ter man­age their fi­nan­cial plan­ning

The Sun (Malaysia) - - SUNBIZ - BY LEE WENG KHUEN

KUALA LUMPUR: CTOS Data Sys­tems Sdn Bhd yes­ter­day in­tro­duced its “What’s Your CTOS Score” ini­tia­tive, which pro­vides the pub­lic on­line ac­cess to their credit score re­port for bet­ter fi­nan­cial plan­ning.

The score re­port is avail­able through www.cto­s­credit.com.my or via the CTOS mo­bile app. As part of its launch pro­mo­tion, the first 100,000 to sign up will get their credit score re­port, worth RM25, for free.

Rang­ing from 300 to 850, the CTOS Score in­di­cates a con­sumer’s credit risk and is based on pay­ment his­tory (35%), amounts owed (30%), credit his­tory length (15%), credit mix (10%) and new credit (10%). Hence, con­sumers are ad­vised to pay their debts on time, keep bal­ances low, start build­ing a credit track record early, ap­ply for and open new credit ac­counts only when needed and re-es­tab­lish the credit his­tory. “Un­der­stand­ing credit man­age­ment is one of the ba­sic com­po­nents for good fi­nan­cial health, and must be in­cul­cated re­gard­less of age, gen­der, ed­u­ca­tion or in­come. This process be­gins with ob­tain­ing a credit score which eval­u­ates an in­di­vid­ual’s cred­it­wor­thi­ness and ap­proach to ful­fill­ing debt or pay­ment obli­ga­tions,” CTOS CEO Eric Chin ( pix) told a press con­fer­ence here yes­ter­day.

With the score re­port, Chin said con­sumers can have a bet­ter idea of their credit pro­file and it helps pre­pare for any loan ap­pli­ca­tions.

“For con­sumers, when they want to ap­ply for a credit card or buy a house, they don’t know what lenders think about them. When they are re­jected, they are also not in­formed of the rea­sons,” he noted.

The details pro­vided in the re­port will in­crease the con­sumers’ chances of get­ting a loan.

Be­sides that, it can fa­cil­i­tate per­sonal fi­nan­cial plan­ning as one can make de­ci­sions ac­cord­ingly to man­age the debt and plan fi­nances bet­ter, which will sub­se­quently im­prove the score.

Ac­cord­ing to an iMoney sur­vey in col­lab­o­ra­tion with CTOS, the most pop­u­lar credit fa­cil­i­ties ac­cessed by Malaysians in­clude car loans (40%), home loans (21%), credit card loans (15%) and stu­dent loans (4%). CTOS, a reg­is­tered credit re­port­ing agency, utilises in­for­ma­tion from its users and the pub­lic do­main to sup­port in­formed de­ci­sions and fa­cil­i­tate fact­based risk man­age­ment when pro­vid­ing credit ex­ten­sion.

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