CTOS launches online credit score check service

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 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 fact-based risk management when providing credit extension.