57% of 100,000 Malaysians in CTOS campaign need to improve credit standing

KUALA LUMPUR: CTOS Data Systems Sdn Bhd’s two-month campaign which allowed 100,000 Malaysians to check their financial health for free found that more than half of them need to improve their credit standing.

As a snapshot of Malaysia’s consumer credit situation, the campaign revealed that about 37% of consumers have a good-to-excellent credit score, while 57% should start working on improving their credit standing.

The findings also showed that about 6% of consumers have little-to-no credit history. This can also cause issues, as a lack of credit history means that lenders have to make lending decisions on little to no information.

“With the government’s call for Malaysians to improve their financial management skills, we are happy to announce that 80% of the free score report redemptions were made by consumers new to credit scoring,” CTOS CEO Eric Chin said in a statement yesterday.

Meanwhile, CTOS said it is continuing its partnership with Alliance Bank to provide further rewards and services to CTOS members, with the Alliance One Account. Consumers with qualifying CTOS scores will be invited to use this advisory service which will demonstrate how loan consolidation can help manage household finances better.

Consumers can access their MyCTOS report via www.ctoscredit.com.my and qualifying members can access Alliance One Account on the dashboard page.