KUALA LUMPUR: CTOS Data Systems Sdn Bhd is offering free MyCTOS reports with Bank Negara Malaysia’s Central Credit Reference Information (CCRIS) for consumers as part of a nationwide financial empowerment campaign.
In a statement on Monday, CTOS Data Systems Sdn Bhd said over the past 12 months, there has been a 52% increase in consumers accessing their CTOS credit report.
A recent survey showed that 57% of consumers checked their credit due to financial issues caused by the on-going Covid-19 pandemic.
CTOS Data Systems CEO Eric Chin explained the Covid-19 and the uncertainties that came with it has highlighted the urgent need for Malaysians to get on top of their financial health.
“However, based on CTOS data, currently 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.
“To encourage more people to take the first step towards managing their financial health, CTOS is launching the free MYCTOS reports with CCRIS for consumers campaign, as part of a nationwide financial empowerment effort, ” he said.
CCRIS is a system that collects credit information on borrowers from participating financial institutions and supplies the information back to them, according to Bank Negara’s website.
According to Bank Negara, CCRIS is one of the sources of information used by participating financial institutions to help them establish a view of the credit histories of potential or current borrowers. It is not a blacklist system as perceived by some people.
As for the CTOS personal credit report contains details 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, CTOS Data Systems said.
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.
CTOS Data Systems said 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.
The free MyCTOS Report with CCRIS campaign is available through https://ctoscredit.com.my/ as part of the CTOSCARES initiative until July 31.
Source : The Star